I hope you didn’t buy these big real estate company stocks
Boston Condos for Sale and Apartments for Rent
I hope you didn’t buy these big real estate company stocks
Six months after the Sitzer/Burnett verdict sank real estate stocks, a settlement in the case has done it again.
Stocks for Anywhere, Compass, Elliman, Redfin and Zillow plunged Friday when the National Association of Realtors struck a $400 million settlement that resolves four antitrust lawsuits brought forth by home sellers. The settlement, which brings a measure of certainty to NAR and many of its member brokerages but figures to reduce commissions overall, is pending approval from a judge.
Compass stock fell 14 percent, Anywhere’s stock was down nearly 12 percent and Elliman’s had fallen almost 14 percent to a mere $1.70 per share. Redfin stock was down roughly 5 percent and Zillow lost 13.5 percent.
“Today’s National Association of Realtors settlement is merely a next step in what has already been a lengthy and complicated process,” said Zillow representative Will Lemke. “We continue to believe positive changes for consumers also benefit the agents who serve them well — on both sides of the transaction.”
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I hope you didn’t buy these big real estate company stocks
No easy way to say this, the real estate industry is in the midst of a massive financial reckoning: public company valuations are down by billions, widespread layoffs, and a rush for venture-funded disruptors to conserve cash and demonstrate sustainable business models.
