If the SEC Scare Didn’t Hurt Zillow, This Might
Zillow (NASDAQ:Z) made headlines recently when the SEC started asking questions about how the company kept its books. Shares are down about 10 percent between September 28 and October 4 and trading saw about four times its normal volume on Tuesday. Although the SEC event doesn’t necessarily speak to the company’s ability to perform well in the market, one result is that Zillow’s competitors have been put into the spot light.
Trulia (NYSE:TRLA) had its IPO in September. Shares have lost value — about 8 percent through October 3 — but the company promises to be a contender. The Trulia Price Monitor and the Trulia Rent Monitor “are the earliest leading indicators available of trends in home prices and rents,” according to the company.
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On October 3, Glenn Kelman, CEO of online real estate brokerage Redfin, told Bloomberg that sites like his get “20 to 25 percent more listings, they get them a week earlier, they don’t have any stuff that already sold.” Redfin reports that it has 100 percent of agent-listed homes available, while Trulia has 81 percent and Zillow has 79 percent. Redfin also reports that it only 0.1% of its published listings are no longer for sale while Trulia has 37 percent and Zillow has 36 percent of published listings no longer for sale.
Meanwhile, FirstService Corporation (NASDAQ:FSRV) is trading up near 52-week highs on October 4. FirstService recently landed $13.7 million in Chicago-based foreclosure and REO properties from the Cogsville Group. The company will manage the renovation, maintenance, and rental management of the 94 single-family homes involved in the deal.
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