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Offerpad Posts $1.1 Billion in Revenue Growth in Q2

Mon, 2022-08-08 14:04

Offerpad, one of the nation’s largest iBuyers, was in the black for its third consecutive quarter. The industry disruptor, currently valued at half a billion dollars, logged year-over-year revenue growth of 185%, totaling $1.1 billion. The Arizona-based company reported a net income increase of $11.6 million, or $0.04 per share, up 26% from the previous…

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Market Cooldown ‘Won’t Be Enough to Sink’ Redfin, Says CEO as Profits Dip in Q2

Mon, 2022-08-08 14:03

Despite raking in $606.9 million in revenue, nearly a third more than last year, Seattle-based real estate brokerage Redfin saw gross profits dip by 6% in the second quarter of 2022. Net loss also ballooned from $27.9 million in the second quarter of 2021 to $78.1 million, bringing net loss per share to $0.73. Additionally,…

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Fathom Beats Revenue Targets, Aims to Cut Costs

Mon, 2022-08-08 14:02

Tech-focused, full-service brokerage Fathom beat guidance on revenue this quarter, up 52% to take in $128.2 million, with big increases in its mortgage and tech business, though company executives also announced cost-cutting initiatives and joined a broader chorus across the industry in warning that there will likely be tough times ahead. Agents and transactions were…

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United Real Estate Expands National Network to Cover NYC and Long Island

Mon, 2022-08-08 14:01

United Real Estate announced today its partnership and the newest member of its national network with United Real Estate | Fortune, based in Great Neck, New York. The move ushers United into New York State and the New York City area for the first time and expands its service footprint to one of the most…

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Rocket Doubles Down on Brand Unity Amid Shifting Market and Lagging Q2 Profits

Mon, 2022-08-08 14:00

With the mortgage industry in flux, Rocket Companies Inc., the parent of Rocket Mortgage and several other mortgage and finance companies, felt the sting of a changing lending environment, which showed in its latest earnings report. The Detroit-based company saw a sharp drop in its profits in the second quarter of 2022 after earning $1.4…

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Affordable housing measures nixed from US climate bill

Mon, 2022-08-08 13:17

The bill contains several of Democrats' top legislative priorities. But several big affordable housing proposals missed the final cut.

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WATCH: Marc King and Nick Bailey trade jokes at Connect Las Vegas

Mon, 2022-08-08 12:22

RE/MAX CEO Nick Bailey and Keller Williams President Marc King, two of real estate's highest profile leaders, teased each other on stage, then counseled agents to focus on fundamentals.

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Homebuyer activity shows pulse as mortgage rates dip below 5%

Mon, 2022-08-08 11:52

Redfin's Homebuyer Demand Index rose 7 points during the last week of July, while mortgage purchase applications rose for the first time in five weeks, according to new data released Monday.

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