Real Estate

Report by Gordon Haskett Research Advisors

GHRA 1) Examines the two most pressing class action lawsuits facing the industry (Sitzer/Burnett & Moehrl), which will likely determine the fate of secondary cases. 2) Explores the dynamics of eight other class action lawsuits across the US. 3) Compiles buyside exposure across a half dozen companies. 4) Runs sensitivity analyses to illustrate how topline challenges could impact EBITDA for Compass, Redfin and Zillow. 5) Analyses commentary from more than a dozen management teams to provide investors an in-depth view into how the US residential real estate industry is grappling with what could be the biggest regulatory-induced business model change GHRA has come across.

Real Estate

Report by Gordon Haskett Research Advisors

While many investors have probably just focused on the Big 3 online real estate portals (Zillow, Redfin & Realtor.com), GHRA believes it's now time to focus on the Big 4 as Costar’s Homes.com has been aggressively growing its web traffic share. Key highlights from their report include: 1) Homes.com accounted for 10.4% of web traffic in Sep, +c.900bps Y/Y. 2) Homes.com's 44% paid mix last month represents a 25-point Y/Y increase, materially above the 1-point increase at both Z & RDFN and 2-point increase at Realtor.com. 3) Homes.com's paid clicks have grown at a significantly faster rate than non-paid clicks (17x vs. 5x).