Ask someone what Zillow is and they will inevitably tell you it is an online resource for consumers looking to buy or sell a home. However, seemingly in response a drop it its stock value, Zillow Group is moving from being a marketing/advertising resource to originating loans. Zillow has acquired Mortgage Lenders of America.
Shares of Zillow Group Inc. tumbled Tuesday toward their biggest one-day selloff in nearly six years, as the real estate information marketplace’s disappointing earnings report and outlook prompted a host of Wall Street analysts to slash their price targets, according to online source, Market Extra.
The highest interest rates in about a month and high home prices took their toll on the mortgage business last week.
The sales trend has hardly been our friend this year.
The trend in existing-home sales is down. Sales decreased for a third consecutive month in June. Sales posted at 5.38 million on an annualized rate. Existing-home sales are down 2.2% year over year.