The acquisition will expand the company's footprint to 14 states. The deal also comes amid a challenging time for the real estate technology sector
Dave Smith joined Keller Williams in 2021. He presided over the firm's lending efforts during a period of increasing difficulty for the mortgage business
Opinion
Real things to be thankful for when the market feels more than a little bittersweet. There are many things to celebrate so grab a seat, pass the yams and prepare to cheers the year that seemingly teaches us a new lesson every day
In an email on Monday, a spokesperson for the power buyer confirmed to Inman that the company had laid off workers and would now 'be a company of less than 30 people'
The cuts are the second time the power buyer has reduced its workforce as the market has rapidly deteriorated this year
The power buyer previously cut 20% of its staff in August. The cuts come as the broader real estate industry grapples with soaring mortgage rates and slowing sales
The layoffs are the second round of job cuts from the end-to-end platform pioneer this year. They also add to thousands of other real estate layoffs in 2022
As many as 264 employees impacted by the cuts were from Redfin Now, the company's iBuying division, while an additional 218 jobs from other departments are also being eliminated
Mr. Cooper, which had 8,200 employees at the end of last year, laid off 250 workers from its lending business during the first quarter and announced another 420 layoffs in June
In total, Opendoor suffered a net loss of $928M between July and September, according to an earnings report Thursday. That's up from a loss of just $57M during the third quarter of 2021
The cuts affect approximately 550 people, Opendoor CEO Eric Wu said in a blog post Wednesday, and come amid a worsening housing market that has forced layoffs across the real estate industry
While growing loan servicing business remains profitable, according to Q3 earnings, paper gains on servicing rights could evaporate if interest rates fall and borrowers refinance out of portfolio
Approximately 5% of Zillow's workforce has been let go as the company shifts its focus towards technology, according to a new report published Wednesday
Compass became the largest company of its kind in the US this year, but is holding its annual gathering as the real estate industry navigates uniquely troubled waters
The latest round of cuts comes after the company laid off 10 percent of its workforce in June. Side's layoffs are among dozens of others in the housing industry this year