Realogy Nets $1bn for Q209, But No Rebound Yet
Realogy Corporation, a global provider of real estate and relocation services, reported a net revenue of $1bn for Q209. Its Realogy Franchise Group (RFG) includes the Century 21 and Coldwell Banker brands. It touts its NRT organization is the largest owner/operator of residential real estate brokerages in the US. Realogy had $15m in net losses for the quarter, and earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $185m. Amortizations are the paying off of debt in timely installments. The EBITDA included $36m in legacy items after restructuring charges. Also, according to the report, Realogy generated $172m in cash flow from operations in the first half of 2009, a $246m improvement compared to the same time last year. Realogy stored $356m in available cash by the end of June 2009. But Realogy cooled on calling it a rebound for the market as housing prices continue to slide. “While the rate of decline in home sales is slowing and there are emerging positive signals, given the macroeconomic headwinds it is premature to conclude that the housing market has started its rebound,” said Realogy CEO Richard Smith in a release. Its Franchise Group and NRT saw transaction sides decline by 8% and 9% respectively. RFG saw its average sales price decline 24%, the decrease driven by a shift away from higher priced homes particularly for NRT. Write to Jon Prior.