Redfin to lay off 13% of staff, shutter home-flipping business

FOX Business correspondent Madison Alworth has the latest on the state of the housing market on 'Mornings with Maria.'

Redfin announced Wednesday that it's laying off 13% of its workforce and shuttering its home-flipping business. "We’re laying off 862 brilliant, loyal people and also closing RedfinNow," the online real estate company said in an SEC filing. "We’ll still need home-services employees for our concierge service to fix up brokerage customers’ listings, but since that group spent most of its time renovating RedfinNow homes, it will get much smaller."

So everyone waited till the day after the election to announce layoffs?

Good. These corps buying housing to turn into rentals is bad for the people. Laws should be passed to put an end to that

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