Zillow Group — Q3 2021 results and Offers wind-down
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- Zillow iBuying Algorithm Collapse
event | 1 Jan 2021 | 80%
Zillow's algorithmic home-buying programme (Zillow Offers) purchased homes at prices its model predicted would appreciate, then resold them for profit. The model failed to track rapidly changing market conditions in 2021. Zillow found itself holding 9,800 homes worth $2.7 billion, purchased at abov…