Move, Inc. has reported a net loss for the second quarter of 2008 compared to profit last quarter. Total revenue for the second quarter declined to $61.4 million from $62.5 million in the same quarter last year. Five analysts had a consensus revenue estimate of $73.42 million for the quarter.

Mike Long, Move’s CEO attributed the loss to “The issues and challenges facing the residential real estate market.”

Move also said that it has engaged an investment banker to assist in the sale of its Welcome Wagon business and that it has reclassified its results as discontinued operations.

“We believe that selling Welcome Wagon will ultimately improve our focus and allow a new owner to develop an improved business model for the brand,” Long said.

The company said that management is also reviewing the overall operating structure and has initiated a process to lower its total operating expenses. Move aims to reduce annual operating expenses by more than $20 million by the end of 2008.

For the first half of 2008, net loss applicable to common stockholders was $6.9 million or $0.05 per share, compared to net income of $4.6 million or $0.03 per share in the previous year period.

Total revenue for the year-to-date period declined to $100.7 million from $102.4 million in the preceding year period.

MOVE closed Thursday’s regular trading session at $2.31, up 17 cents or 7.94%. However, in the after-hours, the shares lost 11 cents or 4.76%.

The full transcript of Move’s latest conference call can be found here.