Oh my.

Zillow to sell 7,000 homes for $2.8 billion after flipping flop. 

"Zillow Group is looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business. 

The company is seeking roughly $2.8 billion for the houses, which are being pitched to institutional investors, according to people familiar with the matter."

I don't know. This seems like a conflict of interest since Zillow basically tells everyone how much their house is worth. And now we know who's thumb has been on this very ridiculous scale. I'm sure they don't have any part in housing going up 20%YOY. I'm pretty sure this means there is a zero percent chance of them raising interest rates.

The article goes on to say....

"The move to offload a block of homes comes as Zillow seeks to recover from an operational stumble that saw it buy too many houses, with many now being listed for less than it paid. The company typically offers smaller numbers of homes to single-family landlords, but the current sales effort is much larger than normal."

Then, there is this fresh news from this morning.

Zillow to exit its home buying business, cut 25% of staff.