Industry News

HouseValues closing call center, laying off 100

Lead generation company's 2007 losses mount
Published on Aug 1, 2007

HouseValues will cut 100 positions companywide and close its Yakima, Wash.-based call center, after second-quarter revenues plunged 28 percent from last year to $16 million and the company posted a loss for the quarter. HouseValues said it suffered a net loss from continuing operations of $286,000 during the second quarter, compared to net income of $2.5 million during the same quarter last year. In a Securities and Exchange Commission filing, the online lead generation and lead management company said real estate agents have shown a "reduced propensity to invest in marketing" as sales slowed in many major markets. HouseValues operates HouseValues.com, JustListed.com and HomePages.com The loss was recorded despite past cost-cutting efforts that slashed expenses for the quarter to $17.1 million, down 16.5 percent from $20.5 million in the second quarter of 2006. HouseValues co-founder Mark Powell stepped down as chairman of the board in May after the company reported a $1.2 million lo...

Comments