Real Estate Layoffs Amid Slowing Sales

Compass and Redfin announce layoffs amid slowing home sales

Broadcast Media Production and... Broadcast Media Prod... | 1 year ago

CNBC's Diana Olick joins 'The Exchange' to report on real estate companies laying off workers amid slowing home sales.

Real estate firms Compass and Redfin announce layoffs as housing market slows

Broadcast Media Production and... Broadcast Media Prod... | 1 year ago

Real estate firms Redfin and Compass are laying off workers, as mortgage rates rise sharply and home sales drop. In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut. Shares of both companies fell Tuesday. Redfin's stock touched a new 52-week low. Rising rates and overheated home prices, which are now up over 20% from a year ago according to various surveys, have crushed affordability. Home sales have been dropping f...

Compass and Redfin make cuts amid volatile market

housingwire housingwire | 1 year ago

Compass and Redfin each instituted layoffs Tuesday as economic conditions worsened. The next few days will be telling. The post Compass and Redfin make cuts amid volatile market appeared first on HousingWire.

Redfin brokerage sheds DFW office space amid national layoffs, volatile housing market

bizjournals bizjournals | 1 year ago

Seattle-based residential real estate brokerage Redfin is downsizing its office space in Dallas-Fort Worth, shedding more than 22,000 square feet at Hall Park in Frisco after hundreds of layoffs nationally amid a volatile housing market.

nationalmortgageprofessional nationalmortgageprof... | 1 year ago

Industry News More Layoffs: Redfin Cuts 470 Employees, Compass Inc. 450 David Krechevsky Jun 14, 2022 Downturn in housing industry cited; Compass also winding down Modus Technologies Inc. The recent dramatic changes in the state of the housing industry has claimed more jobs. Seattle-based Redfin and New...

Compass, Redfin to cut workforces amid U.S. housing slowdown

In-depth analysis, data and st... In-depth analysis, d... | 1 year ago

Real estate brokerages Compass Inc. and Redfin Corp. are cutting their workforces as rising interest rates cool a U.S. housing market that reached a frenzy during the pandemic.Compass will lay off about about 10% of its workforce while Redfin will cut about 6%, the companies said in regulatory filings Tuesday. Bloomberg News reported the Compass layoffs earlier. For Compass, those cuts total about 450 employees and will contribute to an estimated $21.5 million to $23 million in costs before ta...

Texana Bank, startup Flyhomes announce layoffs

In-depth analysis, data and st... In-depth analysis, d... | 1 year ago

A bank lender and mortgage startup are the latest firms to announce layoffs as the industry watches mortgage application volumes fall to lows not seen since 2000. Texana Bank, based in Texarkana, Texas, will terminate 58 employees on Sept. 5, all but one of them in mortgage roles at the lender’s Irvine, California, office, according to a California Worker Adjustment and Retraining Notification filing last week. The cuts include 22 mortgage loan officers and 10 senior mortgage loan processors...

Mortgage demand falls to the lowest level in 22 years, amid rising rates and slowing home sales

Broadcast Media Production and... Broadcast Media Prod... | 1 year ago

Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to drop. Total mortgage application volume fell 6.5% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand hit the lowest level in 22 years. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or l...