Zillow is looking to sell off about 7,000 homes, Bloomberg reports, and stock sinks

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Shares of Zillow Group Inc. Z, -6.28% dropped 6.4% in afternoon trading, after Bloomberg reported that the real estate services company was looking to sell off about 7,000 homes. Zillow’s Class A shares ZG, -8.72% were down 6.3%. The report comes about two weeks after Bloomber reported that Zillow stopped buying homes because of a bloated backlog, which KeyBanc analyst Edward Yruma highlighted on Monday were mostly underwater. In Monday’s report, Bloomberg cited people familiar with the matter as saying the company is seeking $2.8 billion for the homes it was looking to sell. Zillow’s stock was down 8.7% over the past three months, while the S&P 500 SPX, +0.06% has gained 4.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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