Why Is Zillow Stock Tumbling on Monday?
The stock market was relatively flat on Monday morning, but real estate specialist Zillow Group (NASDAQ: Z) (NASDAQ: ZG) was a major underperformer. As of 10:30 a.m. EDT, shares had fallen by almost 11% and are now down by nearly 60% from their 52-week high.
The reason for today's drop is that the company announced it is suspending its Zillow Offers iBuying program for the rest of the year. If you aren't familiar, this is the part of Zillow's business that buys real estate directly from sellers, makes repairs, and then resells the homes.
Image source: Getty Images.
Source Fool.com
