BrokerageIndustry News

ZipRealty trims losses in Q2

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ZipRealty Inc. nearly turned a profit during the second quarter, posting a $225,000 net loss as revenue rose 17 percent from a year ago, to $37.6 million.The company's second-quarter results, which it said benefited from the federal homebuyer tax credit, compared to a $2.4 million loss a year ago. But business slowed significantly at the end of the quarter, the company said in revising its outlook for the rest of the year.Revenue growth is expected to slow to the single digits for the remainder of the year, and ZipRealty expects to post a net loss for 2010 -- although not as big as the $12.9 million loss for 2009."Housing market momentum and our client activity levels downshifted significantly by the end of the second quarter," the company said in a press release, although a plan to switch California agents to independent contractor status during the third quarter will help minimize impacts to the bottom line.ZipRealty said it handled 7,100 transaction sides, an 18 percent in...