Redfin Shuts Home-Flipping Business, Lays Off 13% of Staff in Slumping Housing Market

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Redfin Shuts Home-Flipping Business, Lays Off 13% of Staff in Slumping Housing Market
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Real-estate company Redfin laid off 13% of its staff and closed its home-flipping unit, saying the operation was both too expensive and too risky to continue

Real-estate company Redfin Corp.

laid off 13% of its staff on Wednesday and closedThe Seattle-based company, which operates a real-estate brokerage and home-listings website, said the decisions were made because it is predicting that the real-estate market is going to be smaller next year and its home-flipping business is losing money. It previously laid off 8% of its workforce in June of this year.

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