Realogy reports lower net loss after cutting expenses

Real estate brokerage Realogy, which was acquired by Apollo Management in 2007 for $6.8 billion, said its second-quarter net loss decreased to $15 million from $27 million in the second quarter last year after the company decided to cut expenses, according to a statement. The New Jersey-based company, whose brands include the Corcoran Group, Coldwell Banker and Century 21, said the overall real estate slump that is to blame for slashed broker’s commissions and record foreclosure filings is proof that a housing rebound may not arrive in the near future. Revenue from commissions fell 28 percent in the second quarter to $746 million and the average price of brokered home sales fell 15 percent to $188,489. Franchise fees dropped to $72 million from $91 million a year earlier. Realogy had 14,400 franchised and company-owned real estate brokerage offices as of June 30 and employs nearly 270,000 sales agents nationwide. [Bloomberg]