Zillow to pause home buying in all markets [MarketWatch]
Zillow Group, Inc. - Class C Capital Stock (Z)
Last zillow group, inc. - class c capital stock earnings: 8/6 04:06 pm
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Source: MarketWatch
Zillow to pause home buying in all markets Zillow Group Inc. ZG, +3.83% Z, +4.25% said Monday it will suspend home buying in all 24 markets where it currently operates its Zillow Offers service, in reponse to local public health orders resulting from the COVID-19 pandemic. As of March 19, Zillow said its home inventory balance has declined to 1,860 homes from 2,707 home at the end of 2019. "Given the concerns for public safety and rapid developments by governments that restrict local real estate activities, we determined it was prudent to pause our home buying to preserve our capital," said Chief Executive Rich Barton. Zillow's Class C shares, edged up 0.3% in premarket trading, had plunged 58.2% over the past month through Friday, while the S&P 500 SPX, -1.33% had lost 30.9%.
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