Extremely good article about automated marketmaking in houses, a la @Opendoor : https://medium.com/@byrnehobart/the-ibuyers-high-er-frequency-trading-comes-to-home-buying-f34c80718976 …
I think this model is extremely likely to win, based on an existence proof in a few markets with >1% share of home sales plus the experience of the equities market.
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I like this article a lot for other reasons, he gets the micro economics broadly right on offers and acceptance. On the macro, he has a theory. But macro is macro and it can go anywhere is exceptional circumstances.
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If they were doing this with food, and people were becoming unable to eat, the practice would get regulated to death. States do that. Housing is slower because we can tolerate crappy housing longer.
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The claims are accurate but the analogy doesn't work. Opendoor is the first "dealer desk", let's call it. That model won't win. The first "electronic exchange" which can support an ecosystem of market makers will, I bet.
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My impression of https://en.wikipedia.org/wiki/Flash_Boys was "arbitrarily small subunit of a second" speed can be used to frontrun an order & ensure "natural" investors can't trade between themselves. I.e. there's a legit role for "make a market this minute" but:"this microsecond" - not so much.
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