Editor’s note: An affiliate of private equity firm Apollo Management L.P. has entered into an agreement to acquire real estate brokerage giant Realogy — formerly the real estate arm of Cendant Corp. — in a deal valued at about $9 billion. This article, published earlier this year, describes the Cendant/Realogy adventure in real estate.

Just over 10 years after Cendant’s predecessor began a buying spree that included real estate brands Century 21, ERA, PHH and Coldwell Banker, the company’s impact on the industry is undeniable. With about 25 percent of all Realtors in the nation affiliated with the corporation, the story of the largest real estate brokerage and franchise company in the nation is still unfolding.

The private equity firm that plans to acquire real estate giant Realogy Corp. also played an integral role in building up its business.

NRT Inc., a subsidiary of Realogy Corp. that oversees company-owned brokerage operations, was formed in 1997 through a $232 million venture by a group affiliated with Apollo Management L.P. and by HFS Inc., a predecessor to Realogy’s former parent company. HFS reportedly invested $157 million of the initial financing for NRT while Apollo invested $75 million. Realogy this year was spun off from former parent Cendant Corp. as an independent, publicly traded company.

The National Association of Home Builders/Wells Fargo Housing Market Index dropped slightly in December compared to November, and was substantially lower compared to the index in December 2005.

Based on a monthly survey that measures builder perceptions and expectations for home sales, the index dropped to 32 in December, compared with 33 in November and 57 in December 2005. An index rating above 50 indicates that more builders view sales conditions as good, while a rating below 50 indicates that more builders view conditions as poor.

The rate of residential building permit authorizations fell for the 10th consecutive month in November, the U.S. Census Bureau and Department of Housing and Urban Development reported today, and was 31.3 percent below the November 2005 level.

The seasonally adjusted annual rate of privately owned housing units authorized by building permits was about 1.51 million in November, compared with 1.55 million in October and 2.19 million in November 2005. The rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in activity.

Ten additional U.S. cities will be added to a closely watched home-price index used as a benchmark for investors active in housing futures trading.

Standard & Poor’s said today it is adding 10 cities to the S&P/Case-Shiller Home Price indices, expanding coverage to a total of 20 metropolitan areas. The Chicago Mercantile Exchange in May began trading futures contracts based on the S&P/Case-Shiller Home Price indices.

Beginning Dec. 26, 2006, the following cities will be added to the S&P/ Case-Shiller Home Price Indices: Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland (Oregon), Seattle and Tampa. In addition, a 20-city weighted composite index will also be published.