HOUSING MARKET CRASH BEGINS

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  • In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.
  • Mortgage rates have taken off since the start of this year, rising from 3.29% in early January to 6.28% now, according to Mortgage News Daily.
  • Home sales have been dropping for several straight months, and the fall is expected to worsen.

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.

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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 for several straight months, and the fall is expected to worsen.

www.cnbc.com/2022/06/14/real-estate-firms-compass-and-redfin-announce-layoffs-as-housing-market-slows.html

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