Industry News

HouseValues reports $900,000 net loss in Q3

Company acquires lead-generation competitor

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Online real estate marketing and lead-generation company HouseValues Inc. (NASDAQ: SOLD) this week announced a $900,000 net loss for the third quarter ended Sept. 30, compared with a $500,000 net loss for the same quarter last year. The Kirkland, Wash.-based company reported Monday that its total expenses and the net loss for the quarter include a $1.2 million charge related to the closure of a satellite sales and service center in Yakima, Wash. The company closed that facility and laid off 100 workers, or about 30 percent of its workforce, in an effort to reduce operating expenses, according to documents filed with the U.S. Securities and Exchange Commission. The company expects to sublease the Yakima building. HouseValues' total expenses in the third quarter account for $400,000 in severance payments for the former employees and $100,000 to reimburse a government grant. Earlier this year the company announced that it was discontinuing its mortgage lead-generation business t...