BrokerageIndustry News

Realogy reports drop in prices, revenue

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Realogy Corp. on Wednesday reported a net loss of $50 million in the third quarter, which follows a $27 million net loss in the previous quarter. Revenues fell from $1.62 billion in third-quarter 2007 to $1.34 billion in third-quarter 2008. The international brokerage giant -- with company-owned and franchise brands that include Coldwell Banker, Century 21, ERA, Sotheby's International Realty and Better Homes and Gardens Real Estate, among others -- reported that its home-sale transaction sides fell 15 percent among its franchisees and dropped 10 percent among its company-owned offices year-over-year in the third quarter. "The current economic conditions of this country are weighing heavily on consumer confidence and thus on the housing industry," said Richard Smith, company president and CEO, in a statement. He added, "We are not immune from the macroeconomic shocks to the credit and financial markets. In spite of these extraordinarily difficult circumstance...