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Under the Zillow Advertising Network agreement, the consortium’s advertisers can tap into Zillow’s user base of more than 5 million unique monthly visitors, while Zillow’s advertisers will have access to readers of the newspapers’ online real-estate content.

The newspaper consortium includes 11 major newspaper companies, including the Hearst Newspapers, MediaNews Group, and E.W. Scripps.

The launch of the advertising network comes at a time when the real-estate industry is facing a steep decline in home prices, driven by a tightening credit crunch.

Zillow.com, which in November 2007 teamed up with a consortium of newspapers to carry their listings on its real-estate site, has now expanded that deal to include the sale of ads on each other’s sites.

“This partnership allows advertisers with our papers to reach not only local real-estate consumers who live in particular markets, but also consumers who may be moving to particular markets, via their searches on Zillow.com,” Lincoln Millstein, a Hearst Newspapers senior vice president, said in a statement.