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Home-Flipping Giant Opendoor Says It’s Time to Resume Buying

  • Company had halted purchases and laid off a third of its staff
  • CEO Eric Wu said in interview that company can manage risk
A prospective home buyer looks out a window at a house for sale in Dunlap, Illinois.

A prospective home buyer looks out a window at a house for sale in Dunlap, Illinois.

Photographer: Daniel Acker/Bloomberg

The SoftBank-backed startup that used mountains of cash to reinvent the practice of flipping houses is betting that it’s safe to start shopping again.

Opendoor, which halted purchases in March and laid off more than a third of its staff as the coronavirus kept U.S. homebuyers indoors, will resume operations in Phoenix this week, with plans to reopen in more than 20 additional markets in the months ahead.