Realogy Leaders Applaud Economic Stimulus Package
Real Estate Executives Available for Further Comment on Housing-Related Benefits of the New Legislation
PARSIPPANY, N.J.--(BUSINESS WIRE)--Realogy Corporation, a leading global provider of real estate and relocation services, and parent company of leading residential real estate franchise networks such as Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, ERA® and Sotheby's International Realty®, applauds the economic stimulus package approved by Congress and signed into law today by President George W. Bush.
"We are greatly encouraged by the positive impact that the government's economic stimulus package should bring to homebuyers and sellers across America, especially in markets with higher home prices where the increase in conforming loan limits will be most helpful," said Richard A. Smith, president & CEO of Realogy Corporation. "The housing sector represents approximately 20 percent of this nation's GDP, and proactive measures such as this that help increase housing affordability will ultimately reflect favorably on the U.S. economy as a whole, and that's good news for Americans."
Collectively, Realogy's franchise systems have approximately 15,000 offices and 315,000 sales associates doing business in 87 countries around the world. Realogy's real estate brand leaders are united in their support of this new legislation:
* "This stimulus package opens up a new set of options for many consumers to provide for a family's well being. Whether through the purchase of a 'right-sized home,' or simply the refinance of an existing mortgage to strengthen a household's financial footing, this legislation will open doors for many. It's a good time to send a 'thank you' letter to Congress." -- Sherry A. Chris, President and CEO, Better Homes and Gardens Real Estate LLC
* "Market fundamentals, including employment, income increases, interest rates and housing inventory, remain favorable but what has been missing is consumer confidence. The passing of the economic stimulus package is a great win for consumers and the real estate industry alike in an effort to rebuild consumer confidence. The increase to FHA conforming loan limits provides consumers with options that were not available a short time ago and with the guidance of a CENTURY 21 professional champion, consumers can turn these new found options into opportunities to realize their homeownership dreams. Consumers owe it to themselves to at the very least explore the possibilities, and the CENTURY 21 System is there to help." -- Tom Kunz, President & CEO, Century 21 Real Estate LLC
* "People move for lifestyle -- they always have and they always will. Births, marriage, job promotions and relocations, and other life events are what drive home sales in America. The increase in home inventory, near historic lows in mortgage rates and the stabilization in pricing have created a great environment for home buyers. The President's economic stimulus plan signed into law today should help increase consumer confidence in housing." -- Jim Gillespie, President & CEO, Coldwell Banker Real Estate LLC
* "This new government stimulus package offers an ideal opportunity for our existing consumers who are currently in jumbo loans to refinance and take advantage of a better rate, as well as opening the door for homebuyers interested in purchasing their 'dream home.' As revealed in our 2007 national senior survey, 1 in 5 aging boomers plan to change houses in the next five years, most choosing a single family home. With our national agent base, we have professional counsel available to consumers across communities who want to take advantage of this new ruling and consider their new options." -- Brenda Casserly, President & CEO, ERA Real Estate LLC
* "The most important part of the economic stimulus bill for the Sotheby's International Realty® brand and the markets it serves is the increase in limits for conforming loans. A healthy housing market helps spur a strong U.S. economy, and we are encouraged by this first step from the President and Congress. This is very positive news for buyers of higher-priced homes in the luxury markets we serve." -- Michael R. Good, President and CEO, Sotheby's International Realty Affiliates LLC
Each of these Realogy business leaders will be made available to the media for additional comments. For specific local or regional markets, each individual Realogy brand has its own national network of franchise affiliates and can arrange interviews with its local brokers upon request.
About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's world-renowned brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise systems have approximately 15,000 offices and 315,000 sales associates doing business in 87 countries around the world. Headquartered in Parsippany, N.J., Realogy (www.realogy.com) has approximately 13,000 employees worldwide. Realogy is owned by an affiliate of Apollo Management, L.P., a leading private equity and capital markets investor. To receive future Realogy news releases, you can sign up for an e-mail subscription or secure a link for your RSS reader at www.realogy.com/media.
This media advisory contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Various factors that could cause actual results, performance or achievements to differ materially from those expressed in such forward-looking statements include but are not limited to: continuing adverse developments in the residential real estate markets; and adverse developments in general business, economic and political conditions, including changes in short-term or long-term interest rates or mortgage lending practices, and other risk factors discussed in the Registration Statement on Form S-4, as amended, declared effective by the Securities and Exchange Commission (the "SEC") on January 9, 2008 and in the periodic reports filed from time to time by Realogy with the SEC. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this media alert may not occur.