SOURCE: Realogy Corporation

Realogy Corporation

August 08, 2011 05:00 ET

Realogy Calls for White House Summit on Housing

Company Asks Administration to Seek Recommendations From Real Estate Business Leaders to Help Stimulate a Sustained Housing Recovery

PARSIPPANY, NJ--(Marketwire - Aug 8, 2011) - Realogy Corporation, a leading provider of real estate and relocation services, today announced that it has sent a formal request to President Obama and his Administration calling for a White House Summit on Housing.

"Housing has an enormous impact on our nation's GDP and given its substantial influence on all aspects of the economy, we believe it warrants special attention from the White House," said Realogy CEO Richard A. Smith. "The key to the proposed White House Summit on Housing would be its emphasis on bringing together real estate business leaders to make actionable recommendations designed to stimulate the growth necessary for a sustained recovery in housing, which would have an ensuing positive effect on job creation and the broader U.S. economy."

"We believe that frontline business operators from the residential real estate industry would add a valuable perspective to the process, and this summit would give the Administration the benefit of unfiltered, real-time market feedback from business leaders who are residential brokerage operators, real estate franchisors, homebuilders, mortgage lenders and other related industry groups," added Smith.

In his letter to the President, Smith concluded by stating, "Your leadership on this issue would bring together the top business minds of the residential real estate industry at a time when practical business experience may very well offer the guidance necessary to stimulate housing, and thus, the U.S. economy."

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 system members operate approximately 14,400 offices with 256,000 sales associates doing business in 100 countries and territories around the world. Headquartered in Parsippany, N.J., Realogy is owned by affiliates of Apollo Management, L.P., a subsidiary of Apollo Global Management, LLC, a leading global alternative asset manager.

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