Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the Federal Reserve’s fight against inflation. FOX13
The job cuts amount to 13% of Redfin’s workforce, the company announced in a regulatory filing. Redfin alsoRedfin has slashed more than a quarter of its workforce since April 2022 on the assumption that the housing downturn will last "at least through 2023," it said in the filing.
More rate hikes are expected into next year, though inflation data coming from the government Thursday could play into the Fed’s strategy. Home sales have slowed for eight straight months as would-be first-time homebuyers pull out of the market, with borrowing costs greatly diminishing their options and inflation already taking a bite out of their incomes. Homeowners looking to upgrade are also waiting out the interest rate crest, not wanting to jump into a higher rate on their next mortgage.
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