Posted by: Timothy Ellis (The Tim)

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

8 responses to “HouseValues CFO Jumps Ship”

  1. Ray

    Zillow was the dagger to an already declining PPS. They still have over 3.00 in cash on the books on last release. But, now after dropping 2.5 mill on Active Rain who knows. What a model though. Getting money from Realtors who have none. Leads generated with names such as Mike Hunt angering Agents daily. locking Agents into 12 month contracts and sending them to collections. Put a fork in it already.

    Ray Pepper
    Broker
    http://www.500Realty.net

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  2. Chris

    This article:
    http://online.wsj.com/article/SB120111917285710781.html?mod=hps_us_whats_news
    “Housing Slump Starts to Hit Stronger Cities”

    makes some interesting references to Seattle’s rising inventory and predicts continued price declines here.

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  3. Nell Plotts

    I have a daughter who is a Controller in the Sillicon Valley. She told me that the most significant indicator of corporate implosion in tech is the departure of the CFO.

    Given the business plan no one will put Home Values on life support.

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  4. softwarengineer

    THE BIG RATS JUMP THE SINKING SHIP FIRST

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  5. WestSideBilly

    Mike Hunt is my neighbor. He wants to buy a house because he needs a place for his pink ponies.

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  6. disbelief

    “She told me that the most significant indicator of corporate implosion in tech is the departure of the CFO”

    I’d say it’s also a good indication of the likelihood of future investigation by the IRS too :-)

    This was just a lead generating machine for RE agents and brokers, no longer viable in a stagnant / declining market. They’re history for sure.

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  7. BR

    While the press seems to indicate that HouseValues is a victim of a falling real estate market, the reality is far from this. The decline of HouseValues started much earlier, during the boom times itself. It had very poor engineering and no cost controls right from the start. Engineering/IT seemed to drag on and on and budgets were blown. Eventually the engineering guy M*** J****** was asked to leave. However, by then much newer startups like Redfin/Trulia/Zillow had begun to differentiate themselves and HouseValues was left far behind in a race, that was theirs to lose.
    What a difference a guy makes!

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  8. Nell Plotts

    Disbelief said: “I’d say it’s also a good indication of the likelihood of future investigation by the IRS too ..”

    Actually not. SEC for the publicly traded maybe, but not the IRS.

    BTW, the other red flag is fleeing Sales Reps. Not applicable to this business model. The classic example was to watch Floating Point Reps move to Sun Microsystems.

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