{"id":161,"date":"2006-03-05T22:24:00","date_gmt":"2006-03-06T05:24:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=161"},"modified":"2008-10-13T16:08:27","modified_gmt":"2008-10-13T23:08:27","slug":"housevalues-value-drops","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/03\/05\/housevalues-value-drops\/","title":{"rendered":"HouseValues’ Value Drops"},"content":{"rendered":"

Despite Seattle’s resilience so far, the deflating bubble elsewhere around the country continues to affect businesses based in the Seattle area. The latest victim\u2014HouseValues\u2014took a hit last week<\/a>.<\/p>\n

Last year’s booming housing market helped pump up 2005 profits at Kirkland-based HouseValues, but the company’s forecast for the current year led to a 28 percent stock-market pummeling Wednesday.<\/p>\n

HouseValues said Tuesday, after the markets had closed, that slower growth in its business from real-estate agents and heavy investment in new businesses would keep its 2006 results well below Wall Street’s expectations.<\/p>\n

Wall Street was quick to respond. HouseValues shares, already trading 33 percent below their July 2005 peak, dropped $3.79, or 28.1 percent, on Wednesday, closing at $9.71. That’s the stock’s lowest close since HouseValues went public in December 2004.<\/p><\/blockquote>\n

This could be our area’s first of many negative effects of the impending drop, or it could be all we see of the downturn. Since I seem to have misplaced my time machine, I’m not able to make that call. Of course that doesn’t mean I can’t wildly speculate anyway. My call? Well let’s just say that I’m glad I didn’t buy a house in the last year or two.<\/p>\n

(Drew DeSilver, Seattle Times<\/a>, 03.02.2006<\/i>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite Seattle’s resilience so far, the deflating bubble elsewhere around the country continues to affect businesses based in the Seattle area. The latest victim\u2014HouseValues\u2014took a hit last week. Last year’s booming housing market helped pump up 2005 profits at Kirkland-based HouseValues, but the company’s forecast for the current year led to a 28 percent stock-market…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[55],"coauthors":[],"class_list":["post-161","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-housevalues"],"yoast_head":"\nHouseValues' Value Drops \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2006\/03\/05\/housevalues-value-drops\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"HouseValues' Value Drops \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Despite Seattle’s resilience so far, the deflating bubble elsewhere around the country continues to affect businesses based in the Seattle area. 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