BrokerageIndustry News

Realogy works to avert default on loans

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Global real estate brokerage and franchise company Realogy Corp. cited "credit and stock market turmoil" and a worsening economic climate in offering a debt exchange to lessen the risk of default on bank loans, according to financial filings and a Bloomberg news report. In a Thursday filing with the U.S. Securities and Exchange Commission, Realogy noted that its franchise group reported a 9 percent year-over-year decline in home-sale transaction sides in October, with sale prices tumbling 7 percent year-over-year for transactions handled by franchisees. And Realogy's NRT subsidiary, which oversees company-owned brokerage operations, reported a rise in its home-sale cancellation rate to 20 percent in October "from its historical rate in the low- to mid-teens." Realogy's company-owned and franchise brands include Coldwell Banker, Century 21, ERA, Sotheby's International Realty, and Better Homes and Gardens Real Estate. The company noted that the decline ...