[toomuchtodo]

With regards to your point about expensive financing, this moves Zillow from tech company to REIT; a dangerous shift in a rising interest rate environment depending on how long they end up having to hold inventory for.

We are very far along in the current economic cycle, and a downturn is inevitable. It would be unwise to be sitting on a large real estate portfolio you can’t quickly unload when that occurs.

Will be interesting to see if this Hail Mary pays off.