Realtor's Six Percent

Well, the wireless connection didn't last but I still have access to the Internet via the family computer. 60 Minutes did a segment questioning whether the six percent commission for Realtors is still needed. Hey, I'm all for paying Realtors if they put an equal amount of time and effort to earn their thousands of dollars worth of commission.

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.