But if we are "near the top", that doesn't really explain why Zillow Offers lost so much money. If we're still on the upslope, and the problem is just that Zillow expects a bust soon, wouldn't they have just been able to sell their houses for a profit? Like I don't think Zillow's model was to buy houses and sit on them for five years with the expectation that they continue to rise in value, so should an approaching downturn really cause them to lose hundreds of millions?