Wall street investors are selling homes at big losses into an already struggling U.S. housing market. One online company that is having difficulties due to the current housing trends is Opendoor Technologies. Opendoor is a prominent player in the selling and buying of housing inventory through an online resale process once the property has been refurbished. Opendoor’s massive selloff of homes at a loss is a huge telltale sign of Wall Street’s sentiment toward the housing market.
The stock price of the online buyer and seller of residential real estate has fallen more than 60 percent year to date. Opendoor announced a projected $150 million loss over the next three months. The online company also stated that it will be purchasing fewer homes in the housing market in the future. Another substantial property owner, Sternlicht Starwood, is looking to unload 3,000 homes for $1 billion, which is approximately 20 percent of its portfolio.
