Why Opendoor Stock Plunged 32% in September
Shares of Opendoor Technologies (NASDAQ: OPEN) were pulling back again last month as the housing market continued to tighten, mortgage rates rose, and the Federal Reserve predicted that interest rates would stay higher for longer than it had previously expected.
There was little company-specific news, but given its significant exposure to the housing market (its primary business is essentially home-flipping), the stock fell sharply in response to challenges in the real estate sector.
According to data from S&P Global Market Intelligence, the real estate tech stock finished the month down 32.6%. As you can see from the chart below, it fell mostly in the second half of the month as jitters about the housing market increased and as the Federal Reserve made its interest rate decision and forecast.
Source Fool.com
