• Seattle-based Zillow, Redfin post losses after housing market slowdown
    Real Estate News

    Seattle-based Zillow, Redfin post losses after housing market slowdown

    Seattle’s genuine estate tech companies are emotion the consequences of the cooling housing market on their bottom lines. Even with cutbacks and layoffs in 2022, calendar year-conclusion earnings experiences from Zillow and Redfin confirmed considerable losses and declines in gross earnings. The benefits reflect the chill that strike the housing market previous yr, as interest premiums shot up and kept a lot of potential homebuyers from buying. Nationwide, the number of house profits dropped 18{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} from 2021 to 2022, according to the National Association of Realtors. The market change was “the situation we experienced feared could happen,” Zillow CEO Prosperous Barton advised investors Wednesday. “Thirty-calendar year property finance loan fascination…

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