Realogy nets $222M in second-quarter income

TRD New York /
Aug.August 10, 2010 05:30 PM

Richard Smith, CEO of Realogy

Realogy, the real estate giant that owns the Corcoran Group, Citi Habitats and Century 21, today reported a net income of $222 million for the second quarter of 2010, which it attributed to increases in home sales and prices, according to a filing with the Securities and Exchange Commission. The company, which lost $1.9 billion in 2008 and had appeared close to bankruptcy last year before raising $515 million in new loans, saw its revenue increase to $1.3 billion last quarter, up 23 percent over the same period in 2009. The gains were in large part due to an 11 percent year-over-year increase in home sales at its Realogy Franchise Group affiliate and a 16 percent increase at NRT, its brokerage unit. Home sale prices in the second quarter were also up 5 percent at RFG and 12 percent at NRT over last year. “Clearly, Realogy had a strong second quarter,” said CEO Richard Smith. “Looking forward, however, it is shaping up to be a difficult third quarter because of the expiration of the homebuyer tax credit and an uncertain near-term outlook for the economy.” TRD

 

Related Articles

arrow_forward_ios
Pam Liebman (Illustration by Paul Kisselev)

Pam Liebman’s lifeguarding days

49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)

Corcoran to shut down office in building partly owned by Barbara Corcoran

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Compass' Rachel Glazer (inset) and The Corcoran Group’s Steve Gold with Circa Central Park (Credit: Getty Images, Compass)

Steve Gold loses exclusive at record-setting Harlem project

From left: Corcoran CEO Pam Liebman, Amazon CEO Jeff Bezos, former WeWork CEO Adam Neumann, Related Chairman Steve Ross, and Albany's State Capitol (Credit: Getty Images, iStock)

Amazon, WeWork and more — the biggest real estate stories of 2019

From left: Adam Neumann, Rich Barton, Robert Reffkin and Masayoshi Son (Credit: Getty Images, iStock)

Breakups, bad neighbors and raw sewage: 2019’s juiciest lawsuits

Realogy CEO Ryan Schneider

Realogy boss on cost-cutting, the competitive landscape and what to look for in 2020

(Illustration by Charis Tsevis)

Revealed: Corcoran’s “hacked” files

arrow_forward_ios
Loading...