Why Zillow Group Plummeted by Nearly 15% This Week
The housing market might be sputtering, so investors are becoming worried about the prospects of online real estate company Zillow Group (NASDAQ: Z)(NASDAQ: ZG). As a result, both classes of the company's stock fell by almost 15% in price over the course of this trading week, per data compiled by S&P Global Market Intelligence.
Zillow publishes regular U.S. housing market updates, and the most recent one (published Thursday morning) wasn't encouraging. The company's Zillow Home Value Index showed that in July, American home values slipped marginally by 0.1% compared to June.
Now while this wasn't exactly a rush-for-the-exits decline, it was the first fall in the company's metric since 2012. It also represents quite a slowdown from the hot growth in real estate prices of the last two years.
Source Fool.com
