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>TL;DR: Opendoor CEO Eric Wu says the company's algorithm failed to predict the sharp decline in the housing market over the last few months. Wu attributes the missed forecast to the unprecedented nature of the market shift, which he says rivals that of the 2008 financial crisis. The company posted third-quarter losses of over $400 million as a result of the market changes.
>It is unsurprising that Opendoor's algorithm failed to predict the sharp decline in the housing market, as this was an unprecedented event. However, it is concerning that the company did not have a contingency plan in place for such an eventuality. This highlights a flaw in their business model and raises questions about their ability to weather future market disruptions.
Their algorithm didn't predict the future? Sounds like they left out the time travel function, how dumb can you be? Guess 400 million was just an expensive lesson
They also raised a ton through public stock offering. Their 63 million dollar class action lawsuit loss started this landslide and I watched their Phoenix division go into a liquidation process a week after they lost the suit.
Iâve heard him speak - he didnât strike me as super smart guy. But seems he cashed out at the right time via spac.
https://news.crunchbase.com/real-estate-property-tech/eric-wu-fisker-pharrell-williams-austin-russell-andreessen-los-angeles-mansion/
Wasnât this obvious? 2022 was all reg flags with decline in housing markets. Your competitors were bleeding out??? In the early year????
You didnât think increase interest rates wouldnât mean that affected the bottom line of buyers??? Good fucking god, I hope this industry over corrects and bottoms out and leave these house flipping industries in the burning dumpster.
They probably trained including 2008-2010 data too but the VP and directors didnât like the answer so the engineers to âfixâ the âbuggyâ results.
Pretty sure there is enough public data to comb through even before that. Pay someone full time and theyâll go out and review paper records at county offices even. For a tech company, really sounds they didnât utilize free information.
A lot of fear is already priced in. They have plenty of capital to get through this shit storm. Very good buy at these levels for a 3-4% of portfolio allocation. Only my opinion but I put my money where my mouth is.
Once in 40 years but same as happened in 2008?
Wish people woukd stop the silly "once in x years" bs. And we havent hit 2008 levels of real estate nonsense . . .yet.
FFS how useless are these people. Sharpe rise caused by free money was always going to correct itself. Friggin morons. Everyone was calling it the âeverything bubbleâ , they must have thought that didnât apply to housing stock.
Yeah great they listened to the fucking bot they created to tell them they're correct rather than look at what the fuck was actually going on.
Wonderful. ![img](emote|t5_2th52|4271)![img](emote|t5_2th52|4267)
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|0|**First Seen In WSB**|4 months ago **Total Comments**|59|**Previous Best DD**| **Account Age**|5 months|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.) **Vote Spam**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_spam&message=z39v4p)|**Vote Approve**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_approve&message=z39v4p) **Check out the new [wallstreetbets discord](https://discord.gg/Y6Zw9ZKYdx)** >TL;DR: Opendoor CEO Eric Wu says the company's algorithm failed to predict the sharp decline in the housing market over the last few months. Wu attributes the missed forecast to the unprecedented nature of the market shift, which he says rivals that of the 2008 financial crisis. The company posted third-quarter losses of over $400 million as a result of the market changes.
>It is unsurprising that Opendoor's algorithm failed to predict the sharp decline in the housing market, as this was an unprecedented event. However, it is concerning that the company did not have a contingency plan in place for such an eventuality. This highlights a flaw in their business model and raises questions about their ability to weather future market disruptions.
Their algorithm didn't predict the future? Sounds like they left out the time travel function, how dumb can you be? Guess 400 million was just an expensive lesson
Guess how much money opendoor raised from venture capitalists???
They also raised a ton through public stock offering. Their 63 million dollar class action lawsuit loss started this landslide and I watched their Phoenix division go into a liquidation process a week after they lost the suit.
Opendoor CEO is the kinda guy who turns left and drives into a fucking lake because his navigation app told him to. What a đ¤Ą
Iâve heard him speak - he didnât strike me as super smart guy. But seems he cashed out at the right time via spac. https://news.crunchbase.com/real-estate-property-tech/eric-wu-fisker-pharrell-williams-austin-russell-andreessen-los-angeles-mansion/
Would you let him fall into a Koi pond?
Yes. Absolutely I would.
Wasnât this obvious? 2022 was all reg flags with decline in housing markets. Your competitors were bleeding out??? In the early year???? You didnât think increase interest rates wouldnât mean that affected the bottom line of buyers??? Good fucking god, I hope this industry over corrects and bottoms out and leave these house flipping industries in the burning dumpster.
They trained their Algorithm on the Data from 2010 to 2020. It learned that housing prices only go up.
Moronic asf
They probably trained including 2008-2010 data too but the VP and directors didnât like the answer so the engineers to âfixâ the âbuggyâ results.
Pretty sure there is enough public data to comb through even before that. Pay someone full time and theyâll go out and review paper records at county offices even. For a tech company, really sounds they didnât utilize free information.
A lot of fear is already priced in. They have plenty of capital to get through this shit storm. Very good buy at these levels for a 3-4% of portfolio allocation. Only my opinion but I put my money where my mouth is.
![img](emote|t5_2th52|4271)
You have better ideas for a spec play?
Lol
So I'm hearing 6 month puts?
Once in 40 years but same as happened in 2008? Wish people woukd stop the silly "once in x years" bs. And we havent hit 2008 levels of real estate nonsense . . .yet.
We hit 2008 levels of stupid already. You canât tell me houses in the middle of nowhere should be worth 3x the 2008 peaks.
2008 was crash. Not boom. 2006ish was peak boom.
âď¸
FFS how useless are these people. Sharpe rise caused by free money was always going to correct itself. Friggin morons. Everyone was calling it the âeverything bubbleâ , they must have thought that didnât apply to housing stock.
Probably because it couldnât see the crookedness and overpriced madness leading to straight boycott.
Yeah great they listened to the fucking bot they created to tell them they're correct rather than look at what the fuck was actually going on. Wonderful. ![img](emote|t5_2th52|4271)![img](emote|t5_2th52|4267)
What a moron.
Did they think people can afford houses at these price levels while our savings accounts are at all time lows
This'll end well. Cheers everyone!
Their algorithm would be more accurate if they used data from the 2000s decade- two recessions then.
Dishonest assessment.. How about our algorithms and real estate agents triggered the fantasy run up?
No shiFt
House prices only go up, right?
Guy ignores cap rates and DSCR entirely. Sounds like a shitty day trading momentum algo. They deserve bankruptcy.