Zillow to stop flipping homes, loses more than $550M, lays off 25% of staff

Re:Zillow to stop flipping homes, loses more than $550M, lay... by onlyrealcuzzo on Tuesday November 02, 2021 @06:21PM (#29088260)

TBF - wasn't the Phoenix metro up almost 40% in one year?

After a 14% cut, that would still be an absurd YoY increase (I think still the largest single year increase in a major metro in the US on record?).

I get that Zillow is losing 14% - but the market is not yet even back to normal appreciation - let alone "crashing".

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Re:Zillow to stop flipping homes, loses more than $550M, lay... by roland35 on Tuesday November 02, 2021 @06:33PM (#29088400)

Here is the case shiller index for Phoenix - it is absolutely wild since 2020!

https://fred.stlouisfed.org/series/PHXRNSA/

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Re:Zillow to stop flipping homes, loses more than $550M, lay... by lsh123 on Tuesday November 02, 2021 @10:18PM (#29090369)

One thing I don’t understand is that many people who buy houses in Phoenix believe in Global Warming getting worse in the short term (source: lived in Phoenix for a year, considered buying a house there, and spoke with many folks who just moved or were about to move).

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Re:Zillow to stop flipping homes, loses more than $550M, lay... by railton on Wednesday November 03, 2021 @04:24AM (#29092222)

Have you read "The Water Knife" by Paolo Bacigalupi? Mostly set in Phoenix when the water has run out.

https://www.goodreads.com/book/show/23209924-the-water-knife

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Re:Zillow to stop flipping homes, loses more than $550M, lay... by KingMachiavelli on Wednesday November 03, 2021 @01:02AM (#29091268)

Hot and dry is not that bad from a global warming standpoint. Evaporative cooling is very effective and efficient so it's actually less energy intensive heating in colder locations. The plentiful amount of space and days of sun makes solar energy very practical. The nights can get pretty cold so it means that certain evening hours are actually very comfortable.

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Re:Zillow to stop flipping homes, loses more than $550M, lay... by xapata on Wednesday November 03, 2021 @01:58AM (#29091505)

Except for drought problems.

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Re:Zillow to stop flipping homes, loses more than $550M, lay... by JKCalhoun on Wednesday November 03, 2021 @12:33AM (#29091128)

Tail end of the graph: looks like the graph approaching 2006.

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Re:Zillow to stop flipping homes, loses more than $550M, lay... by OldHand2018 on Tuesday November 02, 2021 @10:09PM (#29090305)

14% after 3 price cuts. I wonder how long it has been on the market and if more cutting is going to happen before it sells.

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