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Why Opendoor Technologies Stock Plummeted 11% Today

TheMotleyFool

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Why Opendoor Technologies Stock Plummeted 11% Today: https://g.foolcdn.com/editorial/images/843658/opendoor-real-estate.jpg

Shares of Opendoor Technologies (NASDAQ: OPEN) fell on Wednesday, finishing down 11%. The slide came as the S 500 (SNPINDEX: ^GSPC) gained 0.3% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) rose 0.5%.

The real estate company Redfin released a report yesterday detailing a soft housing market, with sales and listings plateauing.

Redfin reported that home sales and new listings were little changed in October from the month before and that "housing-market activity is plateauing as Americans grapple with high costs and economic uncertainty." The company said that while the last few years have seen the market slow, this "past year has been especially stagnant."

Source Fool.com

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