Redfin lays off 862 employees as housing market cools

That figure represents 13% of Redfin's workforce, the real estate data company said in an posted on its website. About 264 of the jobs being cut are at RedfinNow, the house-flipping arm of the company that launched five years ago. Redfin said it plans to spend the coming months dismantling RedfinNow, adding that homes purchased by the unit lost $18 million in value during the third quarter.

"Winding down RedfinNow is a strategic decision we made in order to focus our resources on our core businesses in the face of the rising cost of capital," Redfin said in a regulatory The job cuts this week come after Redfin laid off 470 employees in June, citing a slowdown in the housing market.The Seattle-based company is laying off employees as the U.S. housing market is cooling down from its white-hot activity earlier this year.

Too many second-career realtors flooding the job market?

Death of the housing sector

They will be flooded with white people that have been discriminated against.

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Redfin to lay off 13% of staff, shutter home-flipping businessOnline real estate company Redfin announced that it's reducing its workforce again. This time, 862 employees will be laid off amid the uncertain economic environment. Good. These corps buying housing to turn into rentals is bad for the people. Laws should be passed to put an end to that So everyone waited till the day after the election to announce layoffs?
Source: FoxBusiness - 🏆 458. / 53 Read more »

Redfin to lay off 13% of its staff and shutter home-flipping business - Phoenix Business JournalIt's the second round of layoffs this year for the Seattle-based real estate tech company, which has been facing headwinds amid rising interest rates and decreased homebuying competition.
Source: phxbizjournal - 🏆 254. / 63 Read more »