Zillow took ‘massive losses’ on Phoenix homes

(Disclosure: Rose Law Group represents Offerpad.)

By Angela Gonzales | Phoenix Business Journal

It’s been a rough few months for Zillow Group Inc. (Nasdaq: Z), which is shuttering its Zillow Offers division and laying off 25% of its workforce at a time when the iBuyer real estate firm has been losing money on many of the homes it flipped.

Zillow employs about 300 people in metro Phoenix, and in 2019 more than half of them worked for Zillow Offers. It’s unclear how many of these workers could be laid off.

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