Why Zillow Group Stock Dropped Almost 17% in December
Shares of real estate technology company Zillow Group (NASDAQ: ZG)(NASDAQ: Z) fell 16.6% in December, according to data from S&P Global Market Intelligence. Although there wasn't news specific to Zillow in December, it continues to take a beating from a sour economy, rising interest rates, and the resulting scenario of a real estate market that's heading south.
Zillow has a strong edge in its dominant position as a leading online real estate platform. It offers solutions in four main categories: buying, selling, financing, and renting.
Zillow had a disastrous 2021 after it shut down its iBuying business in November of last year. Although that put an end to what was a money-losing business, it sank investor confidence and meant many months of restructuring. That was in addition to what was an emerging bear market and overall economic woes.
Source Fool.com
