Homestore.com, Inc. (NASDAQ: HOMS) today announced that the company has been formally notified by the U.S. Department of Justice that the Department has concluded its inquiry into certain business activities of Homestore, and that no enforcement action is necessary. As previously disclosed by Homestore, the Department of Justice was reviewing certain Homestore agreements, including business agreements between Homestore and Cendant Corp. All inquiries are now closed, Homestore was told.

The Department of Justice had issued a request for information to Homestore, the company disclosed in April 2000. At that time, the Department had not alleged any violation of law. During the intervening time, Homestore said that it was confident it was in compliance with the law and Homestore cooperated fully with the Department's request.

"Obviously, we're extremely pleased by the Department's decision to close this matter," noted Stuart Wolff, chairman and CEO of Homestore. "We're proud of the hard work and innovation we have brought to the real estate industry and we will continue to focus on serving our professional customers and the consumers who use our products and services."

Published: July 16, 2001

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