Zillow seeks to sell 7k homes for $2.8B after flipping halt
This is a good example of the fallacy of youth: buying too far into hype and being all "the sky is falling" with negative news.It wasn't long ago that we were reading how Zillow et al were going to buy up all the housing stock and keep millenials and Zoomers homeless forever.The people saying this have obviously never gone through a "bust" cycle. This is unsurprising as we've now been in the longest bull market in modern history. It's not always like this. It won't always be like this.History is littered with the corpses of those who tried and failed to corner a market. Real estate is no different. That's not to say we can't make the system better. We can and we need to. But serfdom isn't imminent either.Zillow shouldn't be taking real estate positions as it's going to end badly and will likely hurt their core business (ie transactions). I'd love to know who signed off on this idea. They need to be fired.