During the dot-com boom, shares in the company that operates realtor.com were trading for more than $550 after adjusting for a reverse split, Barron’s notes in an article that’s deeply skeptical of Zillow and Trulia’s current valuations.

Today, shares in realtor.com operator Move Inc. — which, “like  Zillow and Trulia … generates modest cash flow and no GAAP earnings” — trade at about $15, Barron’s notes.

“Zillow trades at 20 times sales and will lose money this year,” Barron’s blogger Tiernan Ray says in summarizing the article, which is behind a paywall. Zillow and Trulia, he says, “don’t seem to have much heft in the real estate industry in a strong climate where brokers can lure their own prospects.” Source: blogs.barrons.com.

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