Redfin to cut 470 jobs, stock sinks toward record low

Shares of Redfin Corp. dropped 3.7% toward a record low in midday trading Tuesday, after the real estate brokerage disclosed a decision to lay off 470 employees, or about 6% of its workforce. The company said it plans to complete the job cuts by the end of June. Redfin said it expects to record a charge of $9.5 million to $10.5 million in the second quarter to reflect one-time severance and termination benefits. The announcement comes amid signs that rising interest rates has caused a slowdown in the housing market, with data out last week showing that mortgage loan applications fell to the lowest levels in 22 years. Redfin’s stock has plummeted 78.6% year to date, while the S&P 500 has tumbled 21.7%.

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