The company recently reported a nearly billion-dollar loss and has now dramatically rearranged its executive lineup as the cash-buying sector contends with a slowing market. Continue reading
Offerpad’s stock slipped below $1 per share in late October, positioning the iBuyer to be delisted from the New York Stock Exchange, which would make it more difficult to buy and sell shares while scaring off investors. Continue reading
The iBuyer has launched a new marketplace to connect homebuyers and sellers. The move comes as the housing market continues to slow and as iBuyers face gathering headwinds. Continue reading
A slowing market is taking a toll on big real estate companies, though not every firm is suffering equally. A look back on the past three dramatic weeks of third-quarter wins, losses and draws. Continue reading
The company earned $600.5 million in revenue during the third quarter, but also lost $90.2 million — up from a loss of just $18.9 million in the third quarter of 2021 — amid a worsening housing market. Continue reading
As many as 264 employees impacted by the cuts were from Redfin Now, the company’s iBuying division, while an additional 218 jobs from other departments are also being eliminated. Continue reading
Real estate companies including Compass, Offerpad and Opendoor saw share prices hit all-time lows Monday. The rout suggests investors may have deep concerns about the real estate industry. Continue reading
In total, Opendoor suffered a net loss of $928 million between July and September, according to an earnings report Thursday. That’s up from a loss of just $57 million during the third quarter of 2021. Continue reading
The company brought in $483 million in revenue and suffered a loss of $53 million — an improvement over the Q3 2021 losses of $329 million, according to quarterly earnings results Wednesday. Continue reading
The cuts affect approximately 550 people, Opendoor CEO Eric Wu said in a blog post Wednesday, and come amid a worsening housing market that has forced layoffs across the real estate industry. Continue reading