Industry News

Online real estate stocks lose luster in June

Inman Index: Investors pull back from Move, HouseValues, ZipRealty

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HouseValues took another hard hit on Wall Street last month. Shares of the online real estate leads company lost $1.95 apiece, or 22 percent of their market value. The company responded with announcements of new features and functions for its products and an alliance with Dave Hershman, a former sales manager turned author and spokesperson within the mortgage sector. Yet investors seem unimpressed with the company's financial outlook at this time. Shares opened June 1 at $8.88 and closed June 30 at $6.93. Two other online real estate stocks, Move Inc. and ZipRealty, also were losers on Wall Street in June, albeit to a lesser degree than beleaguered HouseValues. Move's shares dropped 48 cents, or 8.1 percent, from $5.96 to $5.48. ZipRealty's shares declined 42 cents, or 4.7 percent, per share from $8.90 to $8.48 during the period. Homestore's shareholders officially renamed the company Move Inc., and analysts at Caris & Co. initiated coverage of the company with an "average" ratin...