Industry News

Homestore slogs through online real estate

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"Fun" isn't at all how Homestore CEO Mike Long would describe his job of keeping the online real estate company alive through a couple of rough years in the wake of its legacy accounting scandal. And he doesn't fish for compliments on a job well done. "It's been more gratifying than fun," he said yesterday after the company announced its first-quarter financial results. Although Homestore's record has improved on Long's watch, the company Thursday reported another unprofitable quarter. That result prompted some investors to wonder whether the company's business model should be altered to encompass lead referral fees. Tell us when you think Homestore will make a profit., the huge for-sale homes Web site that Homestore operates for the National Association of Realtors, must comply with certain restrictions that NAR put in place some years ago. Long said the company would consider business model changes if NAR and its Realtor members wanted to initiate such change...