Zillow Pauses Being Stupid

Lost in the bonanza of home buying was this fact: Zillow itself was buying homes. The speculation was the company did this to resell homes at a higher value, thus manipulating house values. This would benefit the listings it shows on its website. As the market has cooled in the past months, Zillow decided to pump the brakes on their hair-brained scheme. But due to a shortage of labor and supplies, Zillow can’t meet current demands to close, renovate, and resell the homes fast enough. CEO Jeremy Wacksman said the temporary pause on purchasing of new homes will allow Zillow to focus…