Real estate giant loses $840M
The industry-wide slowdown in the sale of existing homes is putting a drag on earnings.
Realogy Corp., the parent company that owns Century 21, Coldwell Banker, ERA and Sotheby’s International, netted a loss of about $840 million in 2007, according to a report from inman.com.
Realogy, which was acquired by Manhattan-based Apollo Management in April 2007, reported a net income of $365 million in 2006. Its annual revenue–$5.97 billion for 2007–has declined for the last three years.
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Original Source: spacedoutli.wordpress.com
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