Piper Jaffray analyst Jason Deleeuw downgraded Realogy Holdings to Neutral and lowered his price target for the shares to $19 from $32. The analyst expects "persistent headwinds" of weak home sales volume and "intense" competition for agents. While he does not expect a "housing collapse," Deleeuw does expect "a time correction on home sales/price trends." The weak volume trends will eventually return to an up-cycle, but the intense competitive environment for agents will likely remain "given well-capitalized newer brokers that have shifted economic commission splits more in favor of agents vs. brokers," the analyst tells investors in a research note.