Redfin will wind down its home-flipping program RedfinNow and lay off employees for the second time this year as it cuts expenses in response to a slowing housing market.
The Seattle-based real estate brokerage announced Wednesday that it will eliminate 862 positions, or 13% of its workforce. This is the company’s second round of layoffs this year, following an 8% workforce reduction in June. Redfin’s headcount has dropped by 27% since April.
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