Homestore.com (Nasdaq: HOMS) rose 12 3/16 to close at 47 13/16 Friday after the company, which runs the largest home-sales network on the Internet, signed a $10 million marketing and e-commerce agreement with GMAC.
Homestore.com, based in Thousand Oaks, California, said it will provide advertising and professional services to help GMAC expand its real estate, relocation and home-finance units. The alliance expands on a $20 million, two-year marketing agreement begun in 1999.
GMAC’s real estate network has more than 1,450 offices and 24,000 agents. Homestore.com says it lists more than 1.3 million new and existing homes for sale.