Industry News

Technology takes real estate stocks higher

Inman Index: Fannie Mae stock jumps in January

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Three real estate-and-technology stocks, Homestore, HouseValues and ZipRealty, and mortgage sector giant Fannie Mae pushed the Inman News stock index higher in January. Homestore, the top performer in the index last year, opened 2006 with a one-month gain of 16 percent from $5.21 to $6.04 per share. An analyst at Piper Jaffray, which is bullish on such Internet media/search companies as Google and Yahoo!, reportedly said smaller-cap companies in that sector, such as Homestore as well as CNET, RealNetworks and Jupitermedia, would report financial results inline with Wall Street's expectations and thus experience a neutral reaction from investors. HouseValues, which posted a 29 percent jump in its per-share price from $13.02 to $16.79, opened a new office in Yakima, Wash. Thirty-eight sales and customer service representatives reported for work on the first day at a facility that eventually could house as many as 650 employees, according to a local newspaper report. Local officials rep...