Industry News

Real estate stocks post mixed results on Wall Street

IndyMac, Interactive, WaMu, ZipRealty, Homestore tick up

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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 and LendingTree Web sites, has altered its line-up up of Web sites with the completed acquisition of and imminent spin-off of Expedia and other tr...