Our newsroom has been covering real estate and mortgage earnings reports very closely, and recent 10-Qs from Zillow and OpenDoor have me thinking about iBuying.
Zillow continues to pile up the iBuying losses, which it covers through its highly profitable Premium Agent program. As one HW+ member commented, "So basically, we (agents who are paying Zillow for working to skewer our industry) are doing this to ourselves…"
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OpenDoor is also losing hundreds of millions of dollars per quarter. I've been surprised at venture and public capital appetite to continue supporting OpenDoor's massive losses. Maybe attaching mortgage, title, and other services will improve the company's fortunes, but if they can't win in the best housing market ever, then what exactly is their place?
Yesterday, Rocket added to the intrigue by announcing its own iBuying business. With Rocket's massive cash stockpile and marketing muscle, I'm guessing Zillow and OpenDoor will see some hefty competition. But will Dan Gilbert be ok with funding massive losses in iBuying from his highly profitable mortgage business? Or will he prefer to partner with existing iBuyers and let them own the red ink?
Today's HousingWire Daily features a crossover episode with RealTrending, a podcast that focuses on interviewing the brightest minds in real estate and the housing market. In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses the underserved nature of the investor-owned, single-family market.
The average 30-year fixed-rate mortgage rose to 2.87% for the week ending in Aug. 12. A year ago at this time, the 30-year fixed-rate mortgage averaged 2.96%.
Want to know how you can attract new customers? Read actionable takeaways in the ServiceLink State of Homebuying Report. Survey data from 1,000 homeowners nationwide showcases consumers' priorities and expectations for the mortgage process. Download the report
Rebecca McDonald has been at Rocket Mortgage for more than 24 years. As chief product officer, she talks about how she's watched the company grow over the years. HW+ Premium Content
HW+ Managing Editor Brena Nath recently spoke with iEmergent CEO Laird Nossuli about the opportunities presented by stricter fair lending regulations. Presented by iEmergent
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