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"Realogy (NYSE: H, $21.31) will also profit from the resumption of home sale volume in the later months of this year. Right now, Realogy is in the middle of a Dutch auction to buy back up to 32 million shares.

This will be a significant reduction in shares outstanding. Realogy is using the cash received from the Travelport sale to finance the buyback. Realogy will do extremely well when the number of home sales begins to rise again. The housing market may be in for a positive shock in the fourth quarter.

A pick up in house sales after the stock buyback could mean a rise in Realogy's stock far greater than anyone would expect today. Realogy is a Buy."

I am hanging on to my shares.
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