Zillow lays off 25 percent of workforce

Most of 40 workers affected in Seattle

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Online valuation and listings site Zillow.com announced today it is laying off 40 people, or 25 percent of the company’s workforce, in order to cut expenses in anticipation of a prolonged recession.

"Unprecedented economic events … have made a prolonged recession likely, in our judgment," said Rich Barton, Zillow founder, chairman and chief executive officer, in a post on the company blog.