Realogy cuts net 2009 loss to $262M

From left, Realogy franchise heads: Gary Malin of Citi Habitats, Pamela Liebman of the Corcoran Group, Tom Kunz of Century 21

Real estate giant Realogy, parent company of the Corcoran Group, Citi Habitats and Century 21, has managed to cut its net losses for 2009 to $262 million, a minor bump in the road compared to the $1.9 billion loss posted for 2008. Cost-cutting accounted for the reduced losses, which came in spite of an overall 17 percent drop in revenue, to $3.9 billion, for the year. The last three months of the year foreshadowed further improvements for the company, with revenue up 11 percent for the period over 2008, and transactions up 18 percent for the company’s Century 21, Coldwell Banker, ERA, Sotheby’s International Realty and Better Homes and Gardens Real Estate franchises. In September last year, Realogy had appeared close to bankruptcy before raising $515 million in new loans that helped reduce its senior debt, thanks in large part to billionaire investor Carl Icahn. [Inman News]