Core Viewpoint - Opendoor Technologies has experienced significant stock price volatility driven by retail trading rather than fundamental business improvements, raising concerns about its sustainability in the market [2][17]. Company Overview - Opendoor's stock opened at $1.59 and fell to $0.51 by June 2025, before surging to $6.70 due to retail trading activity on social media platforms [2]. - The company offers homeowners cash offers for their properties, aiming for quick transactions with settlement periods as short as two weeks [5]. Business Model and Risks - Opendoor's strategy involves quickly flipping homes for profit, which is effective in a rising market but poses risks during downturns, as evidenced by competitors like Zillow and Redfin exiting the market after losses [6][16]. - The current U.S. housing market is challenging, with existing home sales near a five-year low and a record high of 528,769 more sellers than buyers in October [7]. Financial Performance - In Q3 2025, Opendoor's revenue fell by 33% year-over-year to $915 million, with only 2,568 homes sold and inventory reduced by half to 3,139 properties [11]. - The company reported a net loss of $90 million in Q3 2025, bringing the year-to-date loss to $204 million, indicating ongoing financial struggles [12]. Management Changes and Future Strategy - A new CEO, Kaz Nejatian, was appointed in September 2025, with plans to leverage AI for faster transactions and to create a marketplace for direct buyer-seller interactions, aiming to diversify revenue streams [9][10]. Market Outlook - The Federal Reserve's interest rate cuts may eventually stimulate the housing market, but historical performance suggests Opendoor may still struggle to achieve profitability even under favorable conditions [15][16]. - Given the speculative nature of recent stock price movements and the company's financial challenges, there are concerns about potential future losses for investors [17].

Mortgage rates remain calm, hovering just above 6% with only minor fluctuations week to week. According to Zillow, the average 30-year fixed mortgage rate is 6.05%. The 15-year fixed rate is 5.52%. Today's mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.05% 20-year fixed: 6.06% 15-year fixed: 5.52% 5/1 ARM: 6.31% 7/1 ARM: 6.30% 30-year VA: 5.61% 15-year VA: 5.21% 5/1 VA: 5.66% Remember, these are the national averages and rounded to t ...

If you’ve felt sidelined by the real estate market in years past, it’s fair to wonder whether 2026 finally looks different or whether it’s just another version of the same frustrations. The short answer is that the market does look calmer heading into 2026, but not dramatically cheaper or easier. Expert housing market predictions for 2026 suggest a market where preparation, flexibility, and local conditions are more crucial than chasing the perfect moment to buy, sell, or relocate. Mortgage rates may ea ...

Key Takeaways OPEN pivoted in Q3 2025 from defensive buying to a higher-velocity, market-maker iBuying model.OPEN said risk aversion hurt results as Q3 acquisitions fell to 1,169 homes, leaving older inventory.OPEN doubled weekly acquisitions using AI, while keeping operating costs structurally lower.Opendoor Technologies Inc. (OPEN) is rewriting its iBuying strategy after a prolonged period of extreme caution that prioritized risk control over transaction volume. The third-quarter 2025 earnings call marked ...

If you share these concerns, now may be a good time to start preparing.And Wright isn’t the only one sounding alarms. “Rich Dad, Poor Dad” author Robert Kiyosaki has also warned that the “biggest crash in history” is beginning — adding that “residential real estate crashes” in this scenario as well.When asked how far prices would need to fall to restore balance, Wright didn’t mince words: “It's going to be near your 50% — and much greater in certain areas.”“I think we're going to correct all the way to a po ...

RBC Capital says that “GOOGL enters the portal wars” was the headline over the weekend from Mike Delprete, who posted screenshot evidence of Google (GOOGL) placing real estate listing ads from a 3p in search results. For context, Delprete is a professor at the University of Colorado and a well-followed and respected real estate domain expert who the firm speaks with periodically. RBC notes Zillow’s (Z) (ZG) exposure to SEO is small. While the firm can’t say there would be no impact from a top of funnel disc ...

An apparent Google Search (GOOGL) experiment showing mobile real estate listings powered by HouseCanary could raise traffic acquisition costs for portals like Zillow (Z) (ZG), but meaningful disintermediation appears unlikely, similar to Google’s hotel metasearch model, Wells Fargo analyst Alec Brondolo tells investors in a research note. Given Zillow’s limited reliance on organic search and modest marketing spend relative to revenue, any shift from organic to paid traffic is expected to have only a minor ...

The standoff between Chicago’s MLS and Zillow is escalating, as Zillow looks prepared to move forward with blocking private listings from its websites. In an email to subscribers on Saturday, the Chicago area’s MLS operator Midwest Real Estate Data (MRED) said that Zillow has been contacting brokerages asking for direct listing feeds and warning that Zillow’s access to local listings could be disrupted in early January. Zillow is also “allegedly threatening to contact sellers” about the potential disrupti ...

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 50.3, indicating a shift to the "Neutral" zone from a previous reading of 42.2 [6] - U.S. stocks experienced a decline on Monday, with the Nasdaq Composite dropping over 100 points [1] Economic Data - The NY Empire State Manufacturing Index fell to -3.9 in December, significantly down from a one-year high of 18.7 in the previous month and below market expectations of 10 [4] Stock Performance - Tesla Inc. saw a share price increase of approximately 4%, marking its 12th gain in the last 15 sessions and nearing record highs last seen in December 2024 [3] - Zillow Group Inc. shares fell about 8% following reports of Alphabet Inc. testing a new real estate advertising format [3] - The Dow Jones closed lower by around 41 points to 48,416.56, while the S&P 500 and Nasdaq Composite fell by 0.16% and 0.59% respectively [5] Sector Performance - Most sectors on the S&P 500 closed positively, with energy, health care, utilities, and consumer discretionary stocks showing the largest gains [4] - Energy and information technology stocks, however, closed lower, bucking the overall market trend [4] Upcoming Events - Investors are awaiting earnings results from Duluth Holdings Inc., Worthington Enterprises Inc., and Lennar Corp. [5]

North America Equity Research December 2025 US Internet 2026 Outlook Doug Anmuth AC (212) 622-6571 douglas.anmuth@jpmorgan.com J.P. Morgan Securities LLC Dae Lee, CFA AC (415) 315-8500 dae.k.lee@jpmorgan.com J.P. Morgan Securities LLC Bryan M. Smilek AC (212) 622-8886 bryan.smilek@jpmorgan.com J.P. Morgan Securities LLC Neeraj Kookada, CFA (212) 622-0270 neeraj.s.kookada@jpmorgan.com J.P. Morgan Securities LLC Margaret Hoffman (212) 622-1710 margaret.hoffman@jpmchase.com J.P. Morgan Securities LLC See the e ...