Real Estate Brokerages Boost Cendant
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Cendant Corp., the largest American travel and real estate services company, said third-quarter net income tripled, boosted by its real estate brokerages.
Net income rose to $593 million, or 56 cents a share, from $193 million, or 19 cents, a year earlier. Revenue rose 5.5% to $5.36 billion, the New York based company said in a statement.
Revenue at Cendant’s real estate unit, which has a role in every fourth American home sale, rose because of higher royalties paid by its Century 21 and Coldwell Banker franchises. The median American home price rose 7.3% from a year earlier, according to the National Association of Realtors.
“You had a surprisingly strong real estate market,” said Thomas McIntyre of McIntyre Freedman and Flynn. “While the Fed was raising interest rates, mortgage rates were falling,” boosting home sales.
