Opendoor Writes Down Home Inventory by $573 Million in Slump

Opendoor Technologies Inc. reported third-quarter losses that were steeper than expected, after the US housing slump led the company to sell homes for less than anticipated and pushed it to write down the value of its inventory.

The company reported $211 million in adjusted losses before interest, taxes, depreciation and amortization. Analysts estimated a $171 million loss, the average in a survey compiled by Bloomberg. The results were worse than Opendoor predicted because the company decided to cut prices in a bid to sell homes faster, according to a letter to shareholders Thursday.