Industry News

Move Inc. reports $4.6 million loss

CEO optimistic about future of online real estate advertising

Realtor.com operator Move Inc. today reported a third-quarter net loss applicable to common stockholders of $4.6 million, or 3 cents a share, citing impact from the housing downturn. The third-quarter loss compares with a $980,000 profit Move reported during the same quarter in 2006. The company reported $75.6 million in total revenue for the third quarter, nearly unchanged from the $75.7 million recorded during the same period a year ago. Move Inc. CEO Mike Long in an investor conference call Thursday afternoon called current housing market conditions the "toughest residential real estate market in 15 years," and said the industry has not had time to rationally adjust to the declining market. "I do not see a quick turnaround of housing in the next few quarters," he said, adding that he expects a gradual recovery. The sales rate for previously owned single-family homes dropped to its lowest level in about 10 years, and the price of resale single-family homes, condos and c...