BrokerageIndustry News

Realogy works to avert default on loans

Company announces debt exchange offering
Published on Nov 14, 2008

Global real estate brokerage and franchise company Realogy Corp. cited "credit and stock market turmoil" and a worsening economic climate in offering a debt exchange to lessen the risk of default on bank loans, according to financial filings and a Bloomberg news report. In a Thursday filing with the U.S. Securities and Exchange Commission, Realogy noted that its franchise group reported a 9 percent year-over-year decline in home-sale transaction sides in October, with sale prices tumbling 7 percent year-over-year for transactions handled by franchisees. And Realogy's NRT subsidiary, which oversees company-owned brokerage operations, reported a rise in its home-sale cancellation rate to 20 percent in October "from its historical rate in the low- to mid-teens." Realogy's company-owned and franchise brands include Coldwell Banker, Century 21, ERA, Sotheby's International Realty, and Better Homes and Gardens Real Estate. The company noted that the decline ...

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