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American Technology Research analyst Mark Mahaney argues that eBay's acquisition of makes Homestore look cheap. "The deal highlights the potential under-valuation of -- HOMS has arguably the #2 rental housing Website, the leading home buying Website, and trades at under 2X 2004 revenue." In contrast, eBay paid over 10 times revenues for

If that's right, why didn't eBay buy  In fact, for that matter, why hasn't anyone bought  IACI is in pushing into the real estate/mortgage financing listings business, but also hasn't found attractive.