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Webdigs scales back IggysHouse.com

Value of flat-fee MLS website written down by $1.26M

IggysHouse.com "has been a disappointment" according to its new owner, Webdigs Inc., which has scaled back marketing and support for the site and is now running it out of a $300-a-month office space in Florida.In its annual report to investors, Webdigs said it issued stock valued at $1.77 million in June, 2009 to acquire IggysHouse.com, a website that helps home sellers list their homes in the local multiple listing service, and other assets from Iggys House Inc.The site, which originally allowed home sellers to list their homes in some MLSs for free, was a money loser for Iggys House Inc., a Chicago-based company that offered discount real estate services and mortgages.After racking up $9.45 million in losses in its first two years of operation, in January 2008 Iggys House abandoned plans to raise $14.2 million in an initial public offering.Webdigs -- which also runs Minneapolis-based discount real estate brokerage, Webdigs.com, and flat-fee MLS listing site theMLSDirect.com...

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