HomeAdvisor Spin-Off Aims to Service Realty Industry

Microsoft and a group of mortgage-lending institutions have announced the formation of HomeAdvisor Technologies Inc., a joint venture that aims to automate and streamline home sales. The new company will combine technology for processing real estate transactions, desktop tools for realtors, and the MSN HomeAdvisor realty portal for consumers. Microsoft will hold a majority stake in the new company, formed with partners Chase Manhattan, Freddie Mac, GMAC-Residential Funding Corp. (GMAC-RFC), Norwest Mortgage, and Bank of America.

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