Many moguls have made their millions (or billions) in real estate, but as much as the industry can create fabulous wealth, it can also go through severe downturns. It's a cyclical business and with today's high interest rates, real estate stocks have plummeted.

Opendoor Technologies (NASDAQ: OPEN), a real estate technology company that intends to disrupt the status quo, is down in the dumps right now. Its stock has fallen 94% from the all-time high recorded in early 2021. Is a rebound coming?

Opendoor's business doesn't look so pretty these days, and it hasn't for a while. With higher interest rates, homeowners are reluctant to part with their property and buy a new one at a high interest rate. That means fewer homebuyers and fewer homes on the market.

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Source Fool.com