Industry News

Real estate wins, loses on Wall Street

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Publicly traded real estate brokerage, mortgage and technology companies weren't awash in red ink on Wall Street in August, despite the nationwide slowdown in home sales. Rather, the list of 10 companies that comprise the hypothetical Inman Index contained both winners and losers when the month ended. The stock market sector, which competes with real estate for investment dollars, has taken rather a dim view of the outlook for real estate brokerage and lending companies now that the pace of home sales has slowed from the record volume of recent years. One report, "Housing Bubble Horror: Market Has Makings of a Gory Story," in The New York Sun compared the housing sector to "investment crazes" that occurred as long ago as the 1630s and early 1700s. New issue Realogy, last month's spin-off of Cendant Corp.'s real estate brokerage division, captured the dubious "honor" of the top spot in the loser's column in August. The company's shares debuted north of $25 on the first of the month, b...