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Real Estate News And Advice
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February 11, 2012
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Response To: |
Realty Alliance Backs HomeSeekers In 5-year Deal
(Blanche Evans - 05/02/2001)
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I Have No Affiliation
Posted By: insider_truth - 05/02/2001 11:38 AM
I have no affiliation to InsideTruth.Com. The moniker I selected was only done in an attempt to draw attention to the article. I have no position in the Homestore stock either, although I sure wish I had some at $14, or even better I wish I had Homeseekers at .09 because it's on a rocket to a real valuation and is comfortably over $1.10.
I am a concerned individual fighting the good fight for all of the Realtors and Investors that are being, in my opinion, bamboozled by a bunch of fluffed up press releases and smoke and mirrors. It really pains me to see folks get taken advantage of this way.
The latest debacle is the virtual tour thing. What a bunch of pabulum, they just bought 90 more days to figure out how to screw the competition and the agents with their monopoly status, but you know what, the average joe will see that press release as some sort of a concession on Homestore's part. It's quite sad that in some cases the truth does not prevail.
I am sure Blanche and the rest of the editors have seen the report on inside truth and they have their own reasons for not releasing the information to the public. I won't speculate on why, but I have a pretty good idea.
Just remember, some members of the 'media', analysts and 'respected' wall street pundits that are pumping this stock have no incentive to do other than put a positive spin on Homestore, despite the fact that they are bleeding and have no long term prospect of ever supporting a multi billion dollar market cap. They call it GAAP, Generally Accepted Accounting Practices for a reason, because it is the way a real company discloses the real numbers. But nobody is looking at those figures. It amazes me how a company can generate so little revenue, lose so much money and line the pockets of the top insiders to the tune of dollars that are double the revenue even generated by the company and still have a stock price that rises in the manner that this one does. It won't last long, it never has and history always has a way of repeating itself, in this case it will be the sound of another dotbomb detonating all over the little investor and the average hard working Realtor. Realtors, did you ever envision the official website of your beloved association to turn out to be the lapdog of Cendant? Do you even have a clue what is happening to your industry as we speak? What about the Bank of America thing? When will we get the truth on that? Bank of America would like to know where their listings are, but they aren't going to raise a stink until they and the other banks are declared the winners in the "big grab".
I would love to see Anthony be asked to write an article about Homestore, he has spent a great deal of time investigating this company and has uncovered some pretty interesting facts. My guess, nobody here, at Inman, RISMedia or anywhere else has the guts to do it.
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