Why Zillow, Redfin and other real-estate stocks tanked after a jury ruling

Shares of real-estate names plunged Tuesday following a jury ruling that has the potential to shake up the way people purchase homes.

Shares of Opendoor Technologies Inc. OPEN, -9.09% plunged 9% on Tuesday, while shares of Zillow Group Inc. ZG, -6.87% Z, -6.98% fell 7%, shares of Redfin Corp. RDFN, -5.67% dropped 6% and shares of RE/MAX Holdings Inc. RMAX, -4.36% declined 4%. Conaltuoni further commented that were the rule to become optional, the “status quo” likely would continue.What would these developments mean for Zillow, which reports earnings Wednesday afternoon? He flagged that nearly two-thirds of the company’s revenue comes from its Premier Agent business, which itself is primarily made up of revenue from buyer agents.

While Redfin shares dropped Tuesday along with other names, Chief Executive Glenn Kelman put out a blog post titled: “Change Comes to the Real Estate Industry.”

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Home sale agreements cancelled at an alarming rate: RedfinWith high home prices and mortgage rates, more than 50,000 home buying contracts were canceled, Redfin found. Here’s a glimpse into today’s housing market.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Has the S&P 500's recent correction triggered a new bear market?After analyzing all 10%-plus declines for the S&P 500 since 1928, here are the chances that the most recent selloff will lead to worse.
Source: MarketWatch - 🏆 3. / 97 Read more »

Has the S&P 500's recent correction triggered a new bear market?After analyzing all 10%-plus declines for the S&P 500 since 1928, here are the chances that the most recent selloff will lead to worse.
Source: MarketWatch - 🏆 3. / 97 Read more »