around $25 Trillion, so Z with a market cap of just $3.1 Billion could appreciate 10,000 times by the end of 2013!! And that's only if Americans spend on Zillow what they have spent on their homes. No reason they won't spend more on Zillow than they do on their homes. I'm a buyer of Z below 103,452.
With 25T market for homes and they did a whopping 50M in revenue in one qtr. If that is what they can do and lose money doing it then this will be one of the highflyers that will take the first dive this fall.
No offense, but that's the worst "analysis" of a stock's worth I've ever seen. Z makes money from the number of people who visit the site and the agents who pay membership to be on it. Z gets tiny piece of the pie for anyone looking for a home. Sorry