Real estate brokers Compass Inc and Redfin Corp said on Tuesday they will cut jobs as rising mortgage rates and the prospect of aggressive rate hikes eat into homebuying demand. Compass said it will layoff 450 employees, about 10% of its current workforce, and Redfin will cut about 470 jobs, about 6% of its total workforce.
Redfin said it could be facing years, not months, of lower home sales and the layoffs were a result of decline in revenues.
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