Investing.com – Zillow share (NASDAQ:
ZG
) slumped more than 10% as the company suspended new home purchases while closing the backlog of already signed contracts for the remainder of the year.
“We have not been exempt from these market and capacity issues now an operational backlog for renovations and closings. Pausing new contracts will allow us to focus on sellers already under contract with us and our current housing stock, « said Chief Operating Officer Jeremy Wacksman said in a note.
Zillow Offers is a service for Homeowners to sell without coordinating repairs or hosting open houses or demonstrations. After buying a home, Zillow prepares it for sale by doing the same projects as a typical seller and then listing it in the open market.
According to Bloomberg, the company’s share price is up more than Purchased 3,800 homes, down about 27% this year after nearly tripling in 2020 amid the pandemic real estate boom.
We encourage you to use comments to connect with users to share your perspective and ask questions of writers and each other. However, in order to maintain the high level of discourse that we all appreciate and expect, please note the following criteria:
Spam or abusive offenders will be deleted from the website and excluded from future registration at Investing.com’s discretion.
Insert a picture here or
Upload from your computer
Supported formats: * .jpg, * .png, * .gif up to 5mb
Risk Warning: Fusion Media assumes no liability for any loss or damage that may result from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment. Forex trading on margin carries a high level of risk and is not suitable for all investors. Trading or investing in cryptocurrencies carries potential risks. The prices of cryptocurrencies are extremely volatile and can be influenced by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade forex or other financial instruments or cryptocurrencies, you should carefully consider your investment goals, level of experience and risk tolerance. Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) as well as forex and cryptocurrency prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data. Fusion Media may be compensated by the advertisers appearing on the site based on your interaction with the advertisements or advertisers
Keywords:
