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Move Inc. expects another tough year

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Executives at operator Move Inc. expect mortgage delinquencies and tightened credit standards will continue to weigh on home sales at the upper end of the market in 2010, restricting spending by the real estate agents and brokers who drive the company's business. Move's annual report -- filed Friday, one day after the company announced a $4.5 million net loss for the final quarter of 2009 -- sheds light on why Move expects revenue to decline by as much as 12 percent this year, and details the cost-cutting measures taken to trim losses. At 951 full-time employee equivalents, Move's headcount at the end of 2009 was down 19 percent from the year before, dipping below the 1,000 mark for the first time since 1999 (see chart). Move trimmed operating expenses by 14 percent from 2008, to $175 million, making cuts in every area but product and Web site development, which grew by nearly 6 percent to $27.8 million. In a conference call with investors Thursday, Move CEO S...