Zillow Caught Holding The Bag As 93% Of Phoenix 'Flipping' Portfolio Listed At Loss

Two weeks ago we reported that Zillow's electronic house flipping operation had been underperforming - as the real estate company had been buying houses at inflated prices and flipping them for a loss. In Phoenix, Arizona - Zillow's second-largest portfolio after Atlanta - things are worse than we thought. According to an analysis by Insider, 93% of the homes Zillow bought to flip are now listed at less than what they paid.-- More...