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Realtors' Commission Fees Are Under Assault

(CBS News) Even with today's housing slump, real estate agents will pull in about $60 billion this year. And the reason is, as any homeowner knows, they charge a six percent commission on the price of every house they sell. So, for instance, a home that goes for a half a million dollars will net agents $30,000 right off the top. For realtors, the six percent commission is sacrosanct. It's remained in place, even as the price of homes has quadrupled over the past 25 years. But as correspondent Lesley Stahl reports, things are beginning to change. What happened to travel agents, stock brokers and book sellers the encroachment of the Internet is beginning to affect real estate agents. And the sacred six percent is under assault from online discounters. Lehrer Willis and his fiance Bridgette Takeuchi of Seattle, young and Internet savvy, took a big chance when they decided not to hire a traditional real estate agent.

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A week of tight liquidity beckons

MUMBAI: Advance tax outflows and a fresh market stabilisation schedule promise a check on banking system liquidity next week.

Overnight call money rates nearly doubled to 10.35% on Friday from 5.38% on Thursday as banks were clearly caught napping on reporting fortnight.

Fridays spike was the second-biggest seen in calendar 2007, after the 10.5% levels touched on January 2. Call rates are expected to stay high in the next few sessions.

Advance tax payments will flow out of the banking system into government coffers starting next week. The breather on liquidity depends a lot on how fast the government will spend this. Analysts said with the financial year-end looming, government departments may spend faster to exhaust budgets, accelerating the flowback of funds.