Shares of real estate technology company Opendoor Technologies Inc. (OPEN) soared 5.17% on Monday, riding a wave of optimism after the Federal Reserve's recent interest rate cut. The stock surge comes amid expectations that lower rates could revive the struggling residential real estate market, boosting Opendoor's prospects.
Opendoor's business has been severely impacted by rising mortgage rates, which have deterred homeowners from selling and limited housing inventory. The company reported a 24% year-over-year decline in revenue for the latest quarter, as fewer homeowners were willing to sell and face higher borrowing costs on new mortgages.
However, analysts believe that the Fed's move to lower interest rates could provide much-needed relief to the housing market. Lower rates could stimulate home sales by making mortgages more affordable, potentially increasing the supply of homes for sale and benefiting Opendoor's digital real estate platform.
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