CM – Zillow Tanks on suspending new home purchases through 2021

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Investing.com – Zillow share (NASDAQ:

ZG

) slumped more than 10% as the company suspended new home purchases while closing the backlog of already signed contracts for the remainder of the year.

“We have not been exempt from these market and capacity issues now an operational backlog for renovations and closings. Pausing new contracts will allow us to focus on sellers already under contract with us and our current housing stock, « said Chief Operating Officer Jeremy Wacksman said in a note.

Zillow Offers is a service for Homeowners to sell without coordinating repairs or hosting open houses or demonstrations. After buying a home, Zillow prepares it for sale by doing the same projects as a typical seller and then listing it in the open market.

According to Bloomberg, the company’s share price is up more than Purchased 3,800 homes, down about 27% this year after nearly tripling in 2020 amid the pandemic real estate boom.

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