HOMS has been slaughtered in the last 2 weeks....and for what?...ML loves them and so do others: Homestore.com signed a marketing and distribution agreement with RealEstate.com,
which offers B2B applications for real estate professionals. Homestore's Realtor.com,
which focuses on existing home listings, and HomeBuilder.com, specializing in new
homes, will power the home search feature at RealEstate.com. In return, Homestore will
include RealEstate.com services and tools throughout its network. In another partnership,
Realtor.com will be the preferred provider of online marketing tools for sales associates of
NRT Inc., whose 33,000 associates work under the Coldwell Banker, ERA and Century 21
names in 20 metropolitan markets. These deals validate the depth of Homestore's network
of listings and proprietary tools, in our view. We are excited about the online real estate
market in general, as it represents a very large, information-intensive space that begs for
Web rationalization. Homestore currently plays in almost every sector of the $150-billion
real estate market, in our analysis, and we believe is beginning to focus on monetizing the
opportunity from a position of strength.
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