The housing market ‘correction’ intensifies as layoffs hit Redfin and Compass. This interactive map explains why

Reuters

Real estate brokers Compass, Redfin to cut jobs as housing market cools

Real estate brokers Compass Inc and Redfin Corp said on Tuesday they will cut jobs as rising mortgage rates and the prospect of aggressive rate hikes eat into homebuying demand. Compass said it will layoff 450 employees, about 10% of its current workforce, and Redfin will cut about 470 jobs, about 6% of its total workforce. “With May (homebuying) demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leave us with less money for headquarters projects,” Redfin Chief Executive Officer Glenn Kelman wrote in a blog.