BrokerageIndustry News

Realogy in the black for Q3

20% cut in expenses counters revenue drop
Published on Nov 11, 2009

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by CareyBot

Real estate franchisor and brokerage Realogy Corp. said it turned a $58 million profit in the third quarter, thanks in part to a debt restructuring that allowed the company to claim a $75 million gain and stay in compliance with agreements governing nearly $3 billion in loans.

Realogy said commission revenue was down 13 percent from a year ago, to $878 million -- the main factor driving a decline in net revenue of the same magnitude, to $1.17 billion.

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