Redfin blames economy in layoffs

Company plans service changes

Real estate brokerage company Redfin has laid off about 20 percent of its employees, and CEO Glenn Kelman assured today that that the downsizing has more to do with "drastic economic changes" than the company’s business model.

Kelman said there are 75 to 80 employees remaining at the company, which means the layoffs announced Tuesday morning affect up to 20 employees.

The layoffs were effective immediately, and employees were all offered a severance package, Kelman said.