Realogy tumbles in Q3

Realogy, parent company of the Corcoran Group, Coldwell Banker and Sotheby’s International Realty, posted a $33 million net loss in the third quarter, according to Inman News. The in-the-red report reflects a 25 percent slide in the number of transactions Realogy’s companies saw during the same quarter a year earlier, down to 61,092. Richard Smith, CEO of Realogy, said that while sales were stronger earlier this year, this was likely due to the federal homebuyer tax credit program, which artificially inflated activity. “The improvement in home sales, aided by the homebuyer tax credit in the second quarter, clearly did not survive the program’s conclusion,” Smith said. [Inman]