HouseValues losing 45 workers, CFO

HouseValues Inc. laid off 45 employees Wednesday, and Chief Financial Officer R. Barry Allen will resign, the online real estate marketing and lead-generation company said.

The announcement comes on the heels of HouseValues' decision to invest $2.75 million in the real estate social networking site AcitveRain (see Inman News story).

Last fall, Kirkland, Wash.-based HouseValues laid off 100 workers -- or about 30 percent of its workforce -- after announcing a $900,000 third-quarter loss.

In a regulatory filing, HouseValues said it expects to post a net loss for the fourth quarter and year, but will save about $5 million a year from the latest layoffs. The layoffs, approved Jan. 22 by the company's board of directors, "are in recognition of real estate market trends and the effect they are having on the company's business," officials said.

The company said its recent acquisition of Realty Generator LLC, a technology company that offers lead-generation services to real estate brokerage companies, will speed innovation and allow the company to lower ongoing technology operating and maintenance costs.

Jacqueline Davidson, who has served as the company's vice president of finance since 2004, will take over as chief financial officer when Allen's resignation becomes effective when HouseValues files its fourth-quarter results.

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