Industry News

HouseValues closing call center, laying off 100

Lead generation company's 2007 losses mount

HouseValues will cut 100 positions companywide and close its Yakima, Wash.-based call center, after second-quarter revenues plunged 28 percent from last year to $16 million and the company posted a loss for the quarter. HouseValues said it suffered a net loss from continuing operations of $286,000 during the second quarter, compared to net income of $2.5 million during the same quarter last year. In a Securities and Exchange Commission filing, the online lead generation and lead management company said real estate agents have shown a "reduced propensity to invest in marketing" as sales slowed in many major markets. HouseValues operates HouseValues.com, JustListed.com and HomePages.com The loss was recorded despite past cost-cutting efforts that slashed expenses for the quarter to $17.1 million, down 16.5 percent from $20.5 million in the second quarter of 2006. HouseValues co-founder Mark Powell stepped down as chairman of the board in May after the company reported a $1.2 million lo...