Realogy nets $222M in second-quarter income

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

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.