Industry News

Online real estate stocks lose luster in June

Inman Index: Investors pull back from Move, HouseValues, ZipRealty
Published on Jul 5, 2006

HouseValues took another hard hit on Wall Street last month. Shares of the online real estate leads company lost $1.95 apiece, or 22 percent of their market value. The company responded with announcements of new features and functions for its products and an alliance with Dave Hershman, a former sales manager turned author and spokesperson within the mortgage sector. Yet investors seem unimpressed with the company's financial outlook at this time. Shares opened June 1 at $8.88 and closed June 30 at $6.93. Two other online real estate stocks, Move Inc. and ZipRealty, also were losers on Wall Street in June, albeit to a lesser degree than beleaguered HouseValues. Move's shares dropped 48 cents, or 8.1 percent, from $5.96 to $5.48. ZipRealty's shares declined 42 cents, or 4.7 percent, per share from $8.90 to $8.48 during the period. Homestore's shareholders officially renamed the company Move Inc., and analysts at Caris & Co. initiated coverage of the company with an "average" ratin...

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