As previously reported, Wedbush analyst Jay McCanless downgraded Offerpad Solutions to Neutral from Outperform with a price target of 50c, down from $1. For iBuying to thrive, the firm believes product availability as well as access to financing for the iBuyers and their retail customers are important ingredients. The current market, however, is characterized by a dearth of existing home inventories, tightening credit standards for corporations, and consumer mortgage credit availability has plummeted to levels not seen since 2012, Wedbush notes.
Published first on TheFly
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