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Homestore Suffers More Trouble at Home

WESTLAKE VILLAGE, CA-Chief Financial Officer Joseph Shew resigns from the ailing company, once a darling of the dot-com real estate stocks. The firm is facing fourth-quarter charge that could reach $950 million.

By David W. Myers | Updated on December 07, 2001

WESTLAKE VILLAGE, CA-Homestore.com, whose reputation as one of the Internet sites to have survived the dot-com meltdown was tarnished when it announced big layoffs in October, must now begin looking for a new chief financial officer.

Joseph Shew, who joined the company as CFO only in February, abruptly resigned yesterday. Shew was unavailable for comment today, and a Homestore.com spokesman would say he left only for “personal reasons.”

Though Homestore.com offers a limited amount of investment-property listings, it was primarily formed about four years ago to market homes and residential real estate services over the worldwide web. It quickly garnered about 95% of all US home listings, thanks partly to its ties to the National Association of Realtors and the National Association of Home Builders–the two largest trade groups involved in America’s residential real estate market.

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