Virtual Realty

The House Financial Services Committee—which oversees the housing industry for the U.S. House of Representatives—requested in November that the Government Accountability Office (GAO) review how information technology and electronic commerce affect real estate services. Chairman Rep. Michael Oxley asked GAO specifically to report on how residential real estate transactions are evolving due to technology, barriers to greater use, and what those changes mean for homeownership. He also instructed GAO to examine the role of multiple-listing services. GAO reports generally take several months to complete.