shares of open door cratering today after reporting a steep second quarter revenue

decline in a pretty weak outlook.

Our Deirdrebosa set down with CEO Carey Wheeler for today's Tech Check. Morning day.

Good morning Carl. Now this was Kerry Wheeler's first broadcast interview since

taking over open door late last year and it comes against the backdrop of that 20% drop today so I asked

her what the street got wrong about the outlook. I don't think they listen to

us necessarily when we got it to the volume levels would be at for the back half of this year.

And I think we've got to zoom out, right?

What is the problem that we are trying to solve?

And just remember it, like let's not lose the plot here.

There is still a fundamental disconnect in what is going on for consumers and real estate. It is a $2 trillion market that is still 99% offline today.

We have enormous demand for our product. Customers come to us.

We let them sell their home with simplicity and certainty

and speed in a way that they can't get anywhere else.

Now, Open Door was a huge pandemic winner. The stock once traded at nearly 40 bucks a share but even with that more than 300% gain this year

it is well off those highs and trading under 4 bucks a share this morning.

At the heart of that longer term decline are questions about the eye buying model itself.

It's one that lets homeowners sell their homes directly online,

avoiding a lot of the paperwork and costs that traditionally characterize the industry.

But over the last year or so, I-buying has become less online and less direct.

Open Door is increasingly relying on partnerships with agents, home builders, and

websites like Zillow to get inventory.

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