Real estate site 'in need of some work'

NEWS US property website homestore.com is axing 300 jobs and selling off certain assets. In December of last year the company announced it had overstated revenue for 2001 by up to $95m. The company's chairman and CEO Stuart Wolff was then forced to resign. The latest round of lay-offs brings the totals number of jobs lost to 1,000. homestore.com has also said it will sell-off its eNeighborhoods.com unit, although a buyer hasn't been named. This is all on top of news that the company has been hit by a number of lawsuits from angry shareholders who claim it over-inflated the value of shares. The Nasdaq-listed company lost 14 per cent on shares overnight hitting a 52-week low of $1.01. The value of shares has slumped 96 per cent in the last 12 months.