Realogy losses narrow to $15 million

$3.4 billion in debt remains within stipulated limits

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Drastic cost-cutting measures helped real estate franchisor Realogy Corp. limit second quarter losses to $15 million, despite a $371 million decline in revenue from a year ago.

Realogy — which in February was forced to respond to rumors that it could be forced to seek bankruptcy protection — had posted a $259 million net loss in the first three months of the year, due in part to interest payments on its massive debt (see story).