BrokerageIndustry News

Realogy reports $27 million net loss in Q2

Company officials to discuss results Thursday

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Real estate brokerage and franchise company Realogy Corp. on Wednesday reported a net loss of $27 million in the second quarter, with a 21 percent year-over-year decline in home-sale transaction sides within its franchise unit and a 19 percent decline at company-owned offices. The average home-sale price fell 5 percent within Realogy's franchise group and dropped 8 percent among company-owned offices during the second quarter compared to the same quarter last year, the company reported (see related story here on Realogy's latest earnings). "In the midst of a very difficult housing market, Realogy remains focused on increasing productivity and reducing our operating costs to enhance our ability to manage through this protracted downturn and, ultimately, be well-position to capitalize on the real estate market when it recovers," said Richard A. Smith, Realogy's president and CEO, in an earnings announcement. The company last month launched an additional franchise bra...