“The business of using algorithms to quickly buy and sell homes has suffered another setback as volatility in US house prices exposed one of the sector’s biggest players to substantial losses. Opendoor, which went public via a SPAC at the end of 2020, said it would lay off 550 people on its team – 18% of its workforce – after losses rose to $928m in the third quarter, compared to $57m in Q3 2021.” Via Place Tech “Redfin announced Wednesday that it’s shutting down its home-flipping business and laying off 13% of its workforce, saying it’s bracing for impact as the housing market rapidly decelerates.” Via Axios Realtors > Algorithms What do you think is in store for the future of iBuying? 🤔 Follow @brokeagentmedia for daily real estate news 🔥 Video via @therenosparksrealtor