Down 90% From Its High, Is There Still Hope for Opendoor Stock?

However, the Fed's rate hikes in 2022 and 2023 ended the post-pandemic housing boom while driving up the costs of buying and renovating those properties. That's why Zillow and Rocket's Redfin both shut down their integrated iBuying platforms in 2022. But with Zillow and Redfin out of the picture, Opendoor is the one big major iBuyer standing. It's expected to generate more than six times as much revenue as its closest competitor, Offerpad, this year. So if interest rates decline, the housing market warms up ...