Zillow Pauses Homebuying as Tech-Powered Flipping Hits Snag
- Online listing giant bought 3,800 houses in second quarter
- Email says iBuyer operation has ‘hit its capacity’ for 2021
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Zillow Group Inc. is taking a break from buying U.S. homes after the online real estate giant’s pivot into tech-powered house-flipping hit a snag.
Zillow, which acquired more than 3,800 homes in the second quarter, will stop pursuing new purchases for the remainder of the year as it works through a backlog of properties already in its pipeline.