Updated almost 4 years ago on . Most recent reply
Well THAT Escalated Fast! - Zillow Fires 25% of employees
When you run the numbers like this guy did, you can see why Zillow has gone down in flames. https://sellhousecashaz.com/zi... "
“In Phoenix, 36.5% of properties currently for sale were listed below their purchase price, while the remainder of the 93% started higher, only to have price reductions.”
Zillow plans to take writedowns of as much as $569 million, according to Bloomberg.
The stock, needless to say, is not happy after hours - dropping as much as 10% in extended trading, only to see buyers reel it in to flat as of this writing.
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Who could have guessed that paying market price for homes and betting on price appreciation wouldn’t work out?