Zillow Tumbles After It Stops Buying New Homes

[mahatmakanejeeves]

I don't know if "new" means "new to them" or "just constructed."

Bloomberg

Zillow Tumbles After It Stops Buying New Homes

Matt Turner and Patrick Clark
Mon, October 18, 2021, 6:49 AM

(Bloomberg) -- Zillow Group Inc. shares fell as much as 6.8% in premarket trading Monday after the online real estate firm said it would stop buying new homes and work to clear a backlog of properties it already has.

{snip}

[FBaggins]

1. New to them

They got into the flipping business a couple of years ago.

Could be just what they claim (that they have too many in the pipeline now). But with interest rates rising and property values climbing so much in the last several months- it could also mean that they’re worried about a bubble popping

[hermetic]

2. Good!

Best news I've heard all day. I need to buy a house about 6 months from now and was extremely unhappy about what they were/are doing.