Zillow, other real estate stocks drop after NAR settlement news

Agnt

15/03/2024 16:20

** Shares of Zillow Group  ZG.O  and other real estate companies
fell sharply on Fri after the National Association of Realtors
said it has resolved a slew of litigation accusing the trade
group and brokerages of conspiring to keep U.S. real estate
commissions artificially high nationwide
    ** Zillow was down 11% by midday, at its lowest price since
Dec 2023 and on track for its biggest daily pctage decline since
Nov 2021
    ** Shares of Redfin  RDFN.O  fell 6.9%, eXp World Holdings
 EXPI.O  was down 7.5% and Compass  COMP.N  was down about 12%
after hitting its lowest since Jan of this yr
    ** Under the settlement, the realtor group would pay $418
mln over about four years
    ** In a note Friday, Spruce Point Capital Management
reiterated its "strong sell" rating on Zillow and said it sees
"40%-60% downside risk" with the stock. Zillow's stock was last
at $48.25
    

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))