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> You've also got companies like OpenDoor and Zillow scooping even high-earners trying to buy a place to live. Zillow’s home-buying program called “Zillow Offe
by acchow 5y ago
> You've also got companies like OpenDoor and Zillow scooping even high-earners trying to buy a place to live.
Zillow’s home-buying program called “Zillow Offers” has been shut down. They overpaid and had $400 million losses in 3 months
https://www.nytimes.com/2021/11/02/business/zillow-q3-earnings-home-flipping-ibuying.html https://www.nytimes.com/2021/11/02/business/zillow-q3-earnin...
- tristor 5y agoYes, and in the interim, their behavior overpaying worsened the housing crisis and further inflated the assets in the markets they operated in. They absolutely did (and continue to) contribute to the problem.
- acchow 5y agoBarely a drop in the bucket. But they did incur losses and are offloading their properties at losses. So wherever they did bid up properties, they are now providing discounts.