OPAD - 2 Growth Stocks Taking a Hit From the Dwindling Real Estate Market
Technology-driven real estate companies Redfin (NASDAQ: RDFN) and Offerpad Solutions (NYSE: OPAD) just reported their financial results for the second quarter of 2022. Both companies delivered growth, and at any other time, investors might have reacted more positively to their numbers.
But right now, interest rates are rapidly increasing as the Federal Reserve attempts to fight a 40-year high in inflation. That has people worried real estate prices could deteriorate for the foreseeable future, and both Redfin and Offerpad warned of clear weakness in certain segments of the housing market during the second quarter.
Shares in Redfin and Offerpad tumbled more than 89% from their all-time highs. But is this a buying opportunity for the long term? Let's take a closer look at these two stocks.
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2 Growth Stocks Taking a Hit From the Dwindling Real Estate Market