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.
| The Associated Press
Redfin 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. Though the government recently estimated that the broader U.S. economy returned to growth last quarter, the Fed’s actions have chilled a once red-hot housing market.
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