Online home-flipping service Opendoor is being slammed with significant losses in home sales after it bought up real estate in major lots in the hopes of flipping homes in a once-white-hot real estate market that has since cooled off.
Measured by the gap between what it paid for homes and what it’s now selling them for, Opendoor is seeing cratering losses in “key markets such as Los Angeles, where the company lost money on 55% of sales, and Phoenix, where the share was 76%,” Bloomberg reported this week , citing figures from YipitData.
The sharp turnaround mirrors the ongoing cooling-off of […]
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