iBuyers lost $1.2B over two years: report

first_img Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Opendoor CEO Eric Wu and Zillow CEO Richard Barton (Wu via Resolute Ventures, Barton via Getty)The big iBuyer experiment continues to be very, very costly.Opendoor and Zillow lost a combined $1.2 billion buying and selling homes over the past two years, including $607 million in 2020, according to a new analysis from industry observer Mike DelPrete.“That’s a loss of about $40,000 on each home bought and resold — about $1.6 million every single day or $1,100 per minute in 2020,” he wrote in a report published Wednesday.Instant homebuyers, a nascent part of the housing market, use algorithms to purchase homes directly from sellers, and then resell at a slight premium. Zillow got into the business in 2018, when CEO Rich Barton said not doing so would pose an “existential” threat to its business. Opendoor, the industry leader, went public last year in a merger with a blank-check firm backed by Chamath Palihapitiya.ADVERTISEMENTRead moreCan iBuying go the distance? Opendoor revenue plunges 45% in 2020 Zillow profits hit record $46M Full Name* Both companies paused homebuying last spring, however, and their recovery has been slow, DelPrete noted. Opendoor reported a 45 percent drop in 2020 revenue after selling fewer homes. In DelPrete’s analysis, Opendoor’s net loss per home topped $100,000 last year.But he said Opendoor’s 15.4 percent gross margin is a positive sign. Holding costs and interest expenses are also down for both companies. Opendoor lowered its selling costs to 2.1 percent from 3 percent, he said.Last month, Zillow said its 2020 revenue surged 22 percent thanks to the hot housing market. After suspending home-buying during the first half of the year, the company lost $162 million, down from $305 million. As it rebuilt its inventory during the fourth quarter, Zillow bought 1,789 homes and sold 923.Opendoor, which sold off $1 billion worth of inventory during the lockdown, is also in rebuilding mode. Earlier this month, it said it owned 1,827 homes valued at $466 million.Despite the iBuyers’ “staggering” losses, DelPrete said Zillow and Opendoor remain “staunchly pro-consumer” by streamlining the experience, lowering fees and bundling services including title and mortgage.Contact E.B. Solomont Message* Email Address* Tags iBuyingopendoorzillowlast_img read more

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FDA gives advice on rules for new bird flu tests

first_imgApr 13, 2006 (CIDRAP News) – The Food and Drug Administration (FDA) issued a regulatory guidance document this week to help spur the development of diagnostic tests for avian influenza in humans.The document, issued Apr 10, is intended to help medical technology companies meet FDA requirements when developing new tests for influenza A viruses, the FDA said in a Federal Register notice.The agency said the move was prompted by the public health concern over the human cases of H5N1 avian flu and the associated threat of a human flu pandemic. “FDA is making this guidance document immediately available because prior public participation is not feasible given the national and global public health threat of pandemic influenza,” the notice says.The document gives information on labeling requirements and outlines the “premarket regulatory path” for new tests to detect either influenza A viruses in general or specific influenza A virus subtypes.Flu tests already approved by the FDA are designed to detect influenza A in general—not specific subtypes—and were developed when only H3 and H1 viruses were circulating, the FDA said. There is no evidence that the existing tests “would reliably detect novel influenza A viruses” from human samples, the notice said.The guidance is effective immediately, but the FDA is accepting comments on it (see links below for information on submitting comments). The agency did not list a deadline for commenting.See also:FDA Federal Register notice on flu testshttp://www.fda.gov/OHRMS/DOCKETS/98fr/E6-5203.htmFDA guidance document “In Vitro Diagnostic Devices to Detect Influenza A Viruses: Labeling and Regulatory Path”http://www.fda.gov/MedicalDevices/DeviceRegulationandGuidance/GuidanceDocuments/ucm078538.htmlast_img read more

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Janet M. Meyer

first_imgJanet M. Meyer, age 76 of Batesville, died Friday, January 31, 2020 at Margaret Mary Health.  Born April 18, 1943 in Batesville, she is the daughter of Cleona (Nee: Holtel) and William Barnhorst.  She married Dennis Meyer April 11, 1964 at St. Louis Church.  She was a homemaker and a member of St. Louis Church.A natural care giver, Janet did quite a bit of baby sitting through the years before the advent of day care.  She liked to travel.  A favorite trip was an Alaskan cruise she and Dennis took.  Janet also loved camping with her family and those trips were usually somewhere out west.  Hobbies she enjoyed included cards, jigsaw puzzles and word searches.  Her grandchildren were her pride and joy.She is survived by her husband Dennis; daughters Tricia (Mike) Kane of Batesville, Barb Meyer of Littleton, Colorado; sons Bryan (Angie) Meyer of Batesville, Robert (Stephanie) Meyer of Simpsonville, South Carolina, Randal (Wendy) Meyer of Batesville, Mark Meyer and his girl friend Angie Kersey of Batesville; brothers Bill Barnhorst of Comfort, Texas, Bob Barnhorst of Brighton, Colorado; granddaughters Bailey, Lindsey, Lily and Leah Meyer, Dylan Fennimore and grandsons Brady, Patrick and John Meyer.Visitation is Monday, February 3rd, from 4 – 7 p.m. at the Weigel Funeral Home.  Funeral services are 10 a.m. Tuesday, February 4th at St. Louis Church followed by burial in the church cemetery.  The family requests memorials to the Phi Beta Psi Sorority Cancer Research.last_img read more

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Soccer great Pele remains in intensive care

first_imgSoccer legend Pele remained in an intensive care unit Monday, a week after he was hospitalized with a urinary tract infection.The 74-year-old has no fever and is receiving antibiotics intravenously, according to doctors at the Albert Einstein Hospital in Sao Paulo, Brazil.They are planning tests on Tuesday to analyze the need for possible renal support.Pele, who was born Edson Arantes do Nascimento, was admitted to the hospital November 24. He had recently undergone surgery at the same facility to remove kidney stones.The athletic icon had one kidney removed during his days as a player, said his aide, Jose Fornos Rodrigues.Known as “The Black Pearl” and “The King,” Pele is one of the best known names in all of sports. He burst onto the scene as a teenager, helping lead his native Brazil to the 1958 World Cup championship.Pele went on to star on two other World Cup title teams, in 1962 and 1970. He also had a breakthrough career with the Brazilian club Santos and later with the New York Cosmos of the now-defunct North American Soccer League.In 2000, Pele and Argentina’s Diego Maradona were named co-Players of the Century by FIFA, the international soccer governing body.Since retiring from soccer, Pele has remained in the public eye as a product pitchman, ambassador for the sport of soccer and advocate for Brazil’s poor, having grown up as one of them in the inland city of Tres Coracoes.last_img read more

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