Category Archives: Housing

What ZipRealty’s Results Tell Us About the State of Housing, ZIPR’s Path to Profitability

August 6, 2009 – 12:57 pm

We are somewhat surprised that there aren’t more people following the results of ZipRealty on a regular basis.  We understand the stock trades almost on a “by appointment” basis, as exemplified by the 2700 total shares that have traded since the company reported results.  However, from a market perspective ZIPR has broader exposure than almost all of [...]

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Housing is the Business Cycle, So Where are We Now?

June 29, 2009 – 12:45 pm

As we’ve mentioned in the past, we are firm believers in Edward Leamer’s thesis that “Housing is the Business Cycle“. It continues to shape the prism through which we view the economic cycle. The relative stability in new and existing home sales VOLUME (not price) has, in part emboldened the bulls who most [...]

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ZipRealty’s Traffic Continues to Grow

May 8, 2009 – 11:22 am

There are a number of third party providers of website traffic data. ComScore is probably the best known, but there are a few other established players including: Nielsen NetRatings, Compete. Alexa, Quantcast and others. We typically have used Compete.com for the most part to analyze traffic trends for the companies we follow. [...]

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ZIPR Missed, but the Long Term Thesis Remains Intact

May 6, 2009 – 9:11 am

ZIPR reported revenues and a loss per share of $21.7 million and ($0.37) vs. consensus of $24.1 million and ($0.19). The miss was driven by four factors:

A very weak start to the quarter in January, which was offset by an improvement in transaction volume over the course of the quarter. It appears March [...]

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Affordability Still Matters, VOLUMES in the Housing Market have Bottomed, In Search of a Forgotten MicroCap

May 5, 2009 – 9:17 am

We would like to borrow a phrase from Edward E. Leamer PhD., the esteemed Professor of Economics at UCLA: “Housing is the Business Cycle“. Professor Leamer’s landmark paper on the importance of housing in the business cycle in many ways has shaped the prism through which we view the economic landscape. [...]

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