Why Zillow Stock Is Down 12% Today
Shares of real estate technology stock Zillow Group (NASDAQ: Z) (NASDAQ: ZG) fell as much as 12% in midday trading on Tuesday. Shares are at their daily low as of 1:10 p.m. EDT and show no sign of stopping right now.
News continues to get worse out of Zillow's home buying business. Last month, news broke that Zillow was "pausing" its iBuying business for the remainder of the year as it works through backlog. But today Bloomberg reported that the company is hoping to sell 7,000 homes for $2.8 billion and KeyBanc analyst Edward Yruma estimates that two-thirds of the company's homes are listed below the purchase price.
Image source: Getty Images.
Source Fool.com
