Rocket makes $11 billion bid to dominate the homebuying process [Fortune]
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Fortune
The goal: make everything run through Rocket, from start to finish. In Rocket's vision of the housing market, buyers and sellers will connect through Redfin Corp., the home-search platform it agreed to purchase for $1.75 billion earlier this month. Then homebuyers in need of a mortgage will turn to Rocket, which has become the No. 3 player in an industry once dominated by banks. And, finally, that loan will need servicing, which can be done by Mr. Cooper Group Inc., which Rocket announced on Monday that it will buy in an all-stock deal valued at $9.4 billion. “This deal doesn't just signal consolidation, it marks a fundamental shift in how homeownership services are structured, delivered and scaled through technology and vertical integration,” Kirill Krylov, a senior portfolio strategist at Robert W. Baird & Co., wrote in a note to clients Monday. The sweeping moves, which have stunned the real estate industry, come as the US housing market suffers from persistently high intere
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