Anywhere Real Estate / Realogy ($HOUS): Assessing the Company's 2nd Lien and Unsecured Notes
Examining Leverage, Legal Challenges, and Potential Upside in a Volatile Market
Situation Overview:
Based in Madison, NJ, Anywhere Real Estate Inc. (“HOUS”) is a leading US real estate brokerage firm with ~12% market share. Previously known as Realogy, the company is known for its portfolio of brands such as Century21, Coldwell Banker, Corcoran, and Sotheby’s, among others. The company operates in 3 main segments: (1) Anywhere Advisors, which focuses on brokerage services; (2) Anywhere Brands, dedicated to franchising; and (3) Anywhere Integrated Services, which provides title and mortgage services.
