Realogy profits drop 

In its first quarter as an independent company after spinning off from Cendant, Realogy Corp. (NYSE: H) on Wednesday reported third-quarter net income of $87 million, down 62 percent from $227 million net income in third-quarter 2005.

The company also reported revenue of $1.73 billion in third-quarter 2006, down 16 percent compared to third-quarter 2005.

Realogy has embark

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