BrokerageIndustry News

Realogy cuts ’09 loss to $262 million

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Real estate franchise giant Realogy Corp. said net losses for 2009 totaled $262 million, as revenue fell by 17 percent from the year before, to $3.9 billion. Cost-cutting measures allowed Realogy to cut its annual loss considerably from the $1.9 billion loss reported for 2008. Realogy's revenue picture also improved in the final three months of the year, with fourth-quarter revenue up 11 percent from the same period of 2008, the company said in announcing results for the year. Transactions were up 18 percent during the last three months of the year among the 4,100 Century 21, Coldwell Banker, ERA, Sotheby's International Realty and Better Homes and Gardens Real Estate franchises served by Realogy's real estate franchise services. The company attributed much of the surge to an impending expiration of the homebuyer tax credit, which was pushed back by Congress in November. For the full year, transaction sides handled by non-company-owned franchisees were down 1 percent, to 9...