Redfin CEO Glenn Kelman provides insight into how inflation is deeply impacting the housing market and why he laid off 8% of workers in his company.
Meanwhile, the Federal Reserve on Wednesday raised rates by 75 basis points for the first time in nearly three decades to tackleKelman forecasted years of fewer home sales as Americans continue to navigate the "crazy" market.
"If you look at pending sales, they're down about 8%, but demand is off about 15%...that's a leading indicator that sales will continue their retreat because people's stock portfolios have been wiped out."
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