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In this clip from The Call @ Hedgeye, Financials analyst Josh Steiner flags Zillow Group, Inc.'s (ZG) recent issues with housing “Zestimates” and what that means for the future of the company. “At the end of the day, in spite of what these companies tell you (which is that they are these tech platforms and really it's all about technology) is that it's really all about Home Price Appreciation (HPA). It's just basically good old fashioned home flipping on an industrial scale,” explains Steiner. "And so that to me is what's amazing about this because we're in the strongest environment of home price appreciation literally ever. And Zillow lost so much money because their point estimates, their 'Zestimates', which are what they used to make these offers, were so far off." |
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