The Q3 results declined year-over-year, with company officials blaming the residential market's recent slump, notably the slowdown of existing homes. "During Q3, year-over-year home sales declined by 22% at Realogy Franchise Group and by 23% at NRT, the company's owned brokerage unit," says Richard A. Smith, Realogy's vice chairman and president. "The larger decline at NRT reflects its concentration in the major coastal markets, such as California and Florida.

'The decline was marginally offset by slightly higher year-over-year home prices at NRT," Smith says. "We continue to expect full-year 2006 home sale sides to be down 15% to 20% at RFG and 13% to 16% at NRT. During the current down cycle, we are continuing to strengthen our position. For example, we continue to grow our franchise network and rationalize our fixed cost base so that we are a stronger company when growth resumes.

"For the long term, we remain bullish on the secular growth of the US residential market, which is being driven by compelling demographic and economic trends," Smith says. "Once we cycle through the current period, we expect to return to long-term, double-digit earnings growth."

Realogy, of course, has been making a lot of news, including its announcement earlier this year after its spin-off by Cendant that it was buying back 48 million common shares. And as reported by GlobeSt.com, the company announced in October that it was buying Oncor International, the financial details of which were not released.