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Zillow revenue climbs 18% but layoff costs push company to a loss, amid executive changes
['Todd Bishop']
GeekWire
Zillow has spent $26 million on the case so far this year, including $10 million in the second quarter.
In addition, Zillow promoted Kathleen Berroth to senior vice president of strategy and operations, and Eric Wilson to senior vice president and GM of mortgages.
For the second quarter, Zillow said the residential real estate industry grew 6%, while industry-wide lending for home purchases was roughly flat compared with a year ago.
The number of people visiting real estate sites and apps declined overall as mortgage rates rose, the company said, citing Comscore.
Mortgage revenue rose 75% to $84 million as Zillow directed buyers on its site to its own lending arm, and rentals revenue rose 31% to $209 million.