Industry News

Homestore tops real estate stocks index

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Investors who played it safe in 2005 with broadly diversified market index funds were more likely to end the year in plus territory than were those who selected investments among the corporations that comprise the Inman Index. At year-end, the hypothetical Inman News index of 10 publicly traded real estate brokerage, mortgage and technology stocks had lost 35 percent of its value. The Dow Jones Industrials closed the year just shy of breakeven while the Standard and Poor's 500 and Nasdaq Composite indices gained 3.8 percent and 2.5 percent, respectively. The big winner among the Inman Index stocks was Homestore, which gained $2.12, or 71 percent, per share. The company reported profitable second and third quarters, an extended content distribution with American Online and a private equity investment of $100 million. As a financial columnist declared: " is no longer a desperate fixer-upper." Credit CEO Mike Long & Co. with an impressive turnaround from Homest...