Opendoor loses almost $1B!

Opendoor Loses Almost $1B And Pushes to Cut Costs Opendoor has become a poster child for a housing market slowdown. The San Francisco-based iBuyer reported a net loss of $928 million in the third quarter — more than 17 times what it lost in the second quarter, the company said Thursday in an earnings release. Opendoor anticipated a slowdown, but transactions have halted and prices have dropped "much faster and sharper," than its forecast. Opendoor’s home purchases have also drastically slowed, with the company buying about 8,400 homes in the third quarter, compared to more than 14,000 the prior period. Over the last few months, Opendoor has been scrambling to save cash, most recently disclosing it would lay off about 18 percent of its workforce, or about 550 people. It was revealed in September that Opendoor was selling homes at a loss, due to rising mortgage rates and uncertainty around the economy.

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