Zillow pauses home purchases. Here’s what Offerpad is doing.

(Disclosure: Rose Law Group represents Offerpad.)

By Angela Gonzales | Phoenix Business Journal

Zillow Group Inc.’s (Nasdaq: Z) stock took a tumble after the iBuyer announced it is pausing new home purchases.

According to a statement issued on Monday, Zillow Offers will not sign any new additional contracts to buy homes through the end of the year, citing a backlog in renovations and operational capacity constraints.

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