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Home-Flipper Opendoor Hit With Losses in Echo of Zillow Collapse

Company lost money on 42% of its August resales after it failed to anticipate slide in housing demand. 

San Francisco Home Prices Slide In Stark Turn For Costly City
Photographer: David Paul Morris/Bloomberg
Updated on

The US housing market’s sharp downturn has been bad for builders, flippers and almost anyone who had plans to sell a home when rising mortgage rates shut down the pandemic buying frenzy. 

The slump has been especially harsh for Opendoor Technologies Inc., pioneer of a data-driven spin on home-flipping known as iBuying.