Industry News

Real estate stocks post mixed results on Wall Street

IndyMac, Interactive, WaMu, ZipRealty, Homestore tick up

The Inman News Real Estate Stocks Index closed just shy of breakeven with a negligible loss of 65 cents in July, as a number of the companies in the hypothetical index announced or prepared to announce their financial results for the second quarter of 2005. The two biggest contributors to the Index on a dollar basis were IndyMac, which added $2.64 to the total, and Interactive Corp., which gained $2.55. IndyMac reported what CEO Michael W. Perry characterized as "outstanding" results for the second quarter of 2005: Record revenues of $288 million, net income of $83.1 million, or $1.26 per share, and loan production of $14 billion. IndyMac's board of directors declared a cash dividend of 40 cents per share, the ninth consecutive increase in the company's quarterly dividend. Interactive Corp., which operates the RealEstate.com and LendingTree Web sites, has altered its line-up up of Web sites with the completed acquisition of AskJeeves.com and imminent spin-off of Expedia and other tr...

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