The housing market, of course, is seasonal in nature due to weather patterns. Rascoff, however, noted that 60% of the company's revenue, its marketplace revenue, is not seasonal, and has enjoyed a 200% year-over-year growth rate. The other 38%-40% of revenues is display advertising, and that is seasonal, Rascoff noted.
Rascoff believes we are near the end of the housing crisis, but home prices still have more to drop. He believes home prices will decline another 2%-4% in 2012, and then stabilize in late 2012 and early 2013. "We're through the worst, but we're not at the other end yet," Rascoff said.
Despite having mixed results with various programs and initiatives put forth from Washington, Rascoff believes the federal government, through
, and the
Federal Housing Administration
should help facilitate more bulk sales of foreclosed properties that are now bank owned to investors or sale leaseback programs. Bulk sales of these properties, known as REOs (Real Estate Owned), would help existing homeowners who are facing foreclosure, as they can be converted into renters. Rascoff said Zillow has been working with the federal government to help encourage taking these actions.
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Written by Chris Ciaccia in New York
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