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The Company’s combined transaction volume increased 21 percent during the second quarter of 2013 compared to the same period last year. The Realogy Franchise Group (RFG), our franchise segment, and NRT, the operator of our company-owned brokerage offices, reported closed homesale transaction side gains of 10 percent and 12 percent , respectively. Average homesale price improved 10 percent at RFG and 7 percent at NRT compared with the second quarter of 2012. NRT’s average home price is generally twice the national average.

In our relocation business, while second quarter revenue was essentially flat, Cartus experienced a 19 percent increase in broker referrals and a 5% year-over-year increase in initiations compared with 2012. In our title and settlement services segment, Title Resource Group (TRG) experienced a 14 percent increase in purchase title and closing units compared to the second quarter of 2012 and a 30 percent increase in refinance title and closing units.

“Recently, there has been renewed focus on rising mortgage rates and what impact they will have on the housing market,” continued Smith. “While rising rates have had an effect on refinancing volume, thus far we have seen no near-term impact on existing home sales. We view rising rates as a reflection of a healthier economy, and while mortgage rates may put near-term pressure on certain homebuyers, this needs to be viewed in the broader context of overall affordability, which remains at historically high levels. We believe the recovery is, and will continue to be, a long-term process.”

“Looking ahead, we expect continued growth in transaction volume, with 17 percent to 19 percent increases in the third quarter compared to the third quarter of 2012,” said Anthony E. Hull, Realogy’s executive vice president, chief financial officer and treasurer. “On a combined basis, RFG and NRT transaction sides are anticipated to increase 9 percent to 10 percent and average sale price is expected to increase 8 percent to 9 percent year-over-year in the third quarter. This business growth trend will drive continued strength in our revenue and EBITDA results for the third quarter.”

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