(Bloomberg) -- Trulia Inc., the real estate information website, is teaming up with Web publisher Primedia Inc. as it expands in the online apartment rental listings market.
Primedia, the parent of ApartmentGuide.com, will give Trulia (NYSE: TRLA) users access to more than 5 million rental listings in addition to those already available, the companies said Thursday. Trulia is also taking over advertising sales for Primedia's inventory.
Trulia, which first sold shares to the public in September, is rushing to enter new businesses as it takes on Zillow Inc. (Nasdaq: Z) in the online real estate market.
While revenue jumped 76 percent in the third quarter, Trulia hasn't yet focused on generating revenue from listing rentals, according to Chief Executive Officer Pete Flint.
He called the deal the most significant commercial relationship in Trulia's seven-year history.
“We're focused on building scale and an audience on the listings side,” Flint said in an interview. “In time we’ll be more focused on monetization.”
By becoming the sales force for Primedia's advertising, San Francisco-based Trulia will reach more than 32 million monthly visitors, an increase of about 28 percent from its current audience, Flint said. The companies will share the revenue.
Trulia stock is little changed from its $17 initial public offering price.
Virginia approves solar
(AP) -- The Virginia State Corporation Commission has approved a plan for Richmond-based Dominion Virginia Power to build and operate a solar power demonstration project.
Dominion plans to build and operate up to 30 megawatts of company-owned solar generation facilities at various locations by leasing rooftops of commercial, industrial and public government buildings.
The project would generate enough electricity to power about 6,000 homes during peak daylight hours.
The company had asked to spend $111 million on the project, but regulators capped the cost of the program that can be charged to customers at $80 million.
The SCC is still considering a separate proposal that would allow Dominion (NYSE: D) to purchase up to 3 megawatts of electricity from customer-owned solar installations.
NY housing bottoms
(Bloomberg) -- The New York area's housing market reached a bottom in late 2011 and now faces the challenge of working through a backlog of foreclosures, according to the Federal Reserve Bank of New York.
“While there have been some encouraging signs in our region's housing markets this year, going forward there are still some significant challenges to broadening and sustaining the recovery that is underway,” Jaison Abel, senior economist in the research and statistics group, said in prepared remarks Thursday.
Fannie to Prospect
(Bloomberg) -- Prospect Mortgage LLC named former Fannie Mae chief executive officer Michael J. Williams as its chairman.
The Sherman Oaks, Calif.-based home lender backed by private equity firm Sterling Partners “possesses the resources, capabilities and talent to succeed in this new competitive landscape,” Williams said Thursday.
Williams was promoted to head Fannie Mae (OTC: FNMA) from chief operating officer in April 2009 after the mortgage finance company was seized by the U.S. government. He left the company earlier this year.
Disturbed wetlands fine
(AP) -- A natural gas driller will pay $177,500 to settle charges it disturbed wetlands and streams while building well pads and pipelines in Wet Virginia's Harrison County.
The Environmental Protection Agency (EPA) announced the terms of an administrative consent order with PDC Mountaineer of Bridgeport on Thursday. It requires the company to restore wetlands and complete mitigation projects at four sites associated with the D'Annunzio and Hudkins well pads.
PDCM does not admit any wrongdoing.
EPA said the driller failed to obtain federal permits required to disturb or fill wetlands and streams. Further investigation found it had committed other violations while building two pipelines.
In all, EPA says some 1,500 feet of stream were permanently affected, while some 3,000 feet were temporarily damaged.
BofC HQ upgrade
(Bloomberg) -- The Bank of Canada's headquarters will be upgraded at a cost of C$460 million ($464 million) under a plan that has been approved by its board of outside directors.
The Ottawa building is 35 years old and needs improvements to security equipment, plumbing and to meet current building and fire codes, the central bank said in a quarterly financial report Thursday.
Most of the central bank's 1,200 employees work in the main building.
Mortgage insurance up
(Bloomberg) -- Canada Mortgage and Housing Corp. (CMHC) said its mortgage insurance balance rose 1.6 percent this year through Sept. 30 to C$576 billion ($580 billion).
The federal housing agency, which insures residential mortgages, reported third-quarter net income of C$381 million, down 9.3 percent from the same period last year, according to a financial report released Thursday on the agency's website.
Canadian law requires borrowers with less than a 20 percent down payment to have their mortgages insured, and CMHC has a C$600 billion limit on its insurance portfolio.
CMHC said in January it had begun rationing bulk insurance for lenders to keep from exceeding the limit.
(Bloomberg) -- BT Group Plc, the United Kingdom's biggest fixed-line phone company, will lease 75,000 square feet (7,000 square meters) of space in the former Olympic Broadcast Centre built for the London 2012 Olympics, the building’s owner, Innovation City, said Thursday.
BT can use the site in London's East End starting in February and will begin broadcasts in August, pending planning approval from the London Legacy Development Corp.
BT will have a 10-year lease for the space, which accounts for about 6 percent of the press and broadcast centers.
London Olympic officials are seeking buyers for buildings and sports facilities erected for the Games as they try to avoid the legacy of previous host cities such as Athens that were left with underused or dormant sites.
They are still seeking a tenant for the 80,000-capacity Olympic Stadium.