Homestore.com, Inc. Acquires The Hessel Group, The Leading Provider of Relocation Transaction Software.

The Acquisition Marks Homestore.com, Inc.'s Extension

Into the Relocation Technology Services Arena

THOUSAND OAKS, Calif., Sept. 14 /PRNewswire/ --

Homestore.com, Inc., (Nasdaq: HOMS), the Internet's leading home and real estate network, announced today that it has acquired The Hessel Group, the leading provider of technology-driven solutions and services to the relocation industry. For over a decade, the Hessel Group has provided services to many Fortune 500 companies and their transferring employees as well as relocation management organizations that support them. The relocation industry provides services to private sector companies and government agencies that must relocate employees during the normal course of their operations.

The Hessel Group (THG) name and management team will remain intact, and Homestore.com, Inc. will integrate THG into a new unit to be called Homestore Mobility Technologies, Inc.

"The relocation sector is a natural extension and fit into our current business strategy," explained Stuart Wolff, chairman and chief executive officer of Homestore.com, Inc. "The acquisition immediately positions us as the No. 1 provider of relocation related technology services. It complements our industry leading content for consumers and leverages our move-related content and tools to support the relocation industry."

"As an organization recognized as one of the Fast 50 Technology companies in Connecticut, we are excited to expand our fast-paced growth with the world's leading online home and real estate network, " stated Arthur G. Hessel, president of The Hessel Group. "Our company and Homestore.com, Inc. share a common vision of partnering with relocation service providers and the real estate industry to offer comprehensive technology and service solutions."

There are nearly a million sponsored relocations in the corporate and government sectors each year. THG software and technology already are involved in supporting more than 25% of those moves. Homestore Mobility Technologies, Inc. will concentrate on creating and distributing technology platforms and tools for corporate clients and those who assist them. It will address the unique needs of corporations directly overseeing the relocation of their employees; and, it will provide enhanced service to relocation management organizations that administer their relocation programs. Homestore Mobility Technologies will continue using THG's proprietary software and has plans to offer additional capabilities to further enhance the relocation process.

With offices in the United States and the United Kingdom, THG has over 1,500 clients. It licenses a comprehensive array of relocation technology products and services to the corporate and private relocation markets. Its proprietary software programs track corporate expenses related to moving, calculate taxes, and calculate and manage corporate productivity during relocation. It also offers domestic personal income tax preparation designed for the corporate transferee, and an Internet-based third party administration and property management platform.

About Homestore.com

Homestore.com, Inc. (Nasdaq: HOMS) is the leading network of sites on the Internet for home and real estate-related information, products and services. Homestore.com, Inc.'s family of web sites includes Homestore.com(TM), Realtor.com(TM), HomeBuilder.com(TM), SpringStreet.com(TM), Remodel.com(TM) and HomeFair.com(TM) web sites. Consumers can view over 1.3 million new and existing homes for sale and find broker and agent services on Realtor.com(R), the official Internet site of the National Association of Realtors(R). Consumers searching for new homes can find more than 135,000 models, new homes and built-to-suit plans on HomeBuilder.com(TM), the official new homes site of the National Association of Home Builders. Consumers interested in renting an apartment will find listing information from more than 45,000 properties in more than 6,000 cities on SpringStreet.com(TM). Homestore.com's(TM) remodeling area covers home improvement needs for both consumers and remodeling professionals. Comprehensive moving and relocation information on the Internet is available from HomeFair.com(TM). Homestore.com(TM) also has content distribution relationships with America Online, Netscape, Excite@Home, Webcrawler and Go Network/Infoseek.