HouseValues' CFO quits, 45 positions cut

For the second time in a year, Kirkland-based HouseValues is restructuring its executive team and laying off employees.

In a filing with the Securities and Exchange Commission on Wednesday, the online real-estate company announced its chief financial officer, R. Barry Allen, has resigned and 45 jobs are being eliminated.

Allen came to HouseValues last January during a restructuring that eliminated the chief operating officer position on as well as 60 other jobs. It also closed its Yakima call center in July, eliminating 100 jobs.

Before the most recent round of layoffs, the company employed 540.

The company has cited slowing residential real-estate market for all these changes.

HouseValues said it expects the latest paring to save $5 million.

However it anticipates a net loss for the fourth quarter as well as the year.

Founded in 1999 as a lead-generation business for real-estate agents, HouseValues has struggled to find a viable business model amid competition from newer Web-based firms, including Zillow.

At one point it also had a lead-generation service for mortgage providers. That closed. More recently it has invested in ActiveRain, an online real-estate community site.

Jacqueline Davidson, formerly the company's vice president of finance, is replacing Allen as chief financial officer.

The company is listed on the Nasdaq under the ticker SOLD. It closed Wednesday at $2.88 a share.

Elizabeth Rhodes: erhodes@seattletimes.com