Zillow announced that they are halting their iBuyer program until they can catch up with the backlog of inventory they have accumulated. Their iBuyer program is what they use to buy and sell homes. They recently announced they are done with the program completely and will need to write off $3 billion in losses.
This comes as no surprise to those of us who flip houses as what Zillow was doing made absolutely no sense. Many people have said this signals the start of a housing crash because Zillow is getting out of the flipping business. Is that really the case or did Zillow just not know what they were doing?
See what we think hereThis article originally appeared at InvestFourMore.