Realogy nets $222M in second-quarter income

August 10, 2010 05:30PM

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