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Online Realtor Redfin Lays Off 20% Of Workers

 

The online Realtor Redfin based in Seattle has laid off 20% of its workforce:

The layoffs leave the online real estate brokerage with about 75 employees in Seattle, Washington, D.C., Boston, Los Angeles and Chicago. The company laid off workers everywhere but in Chicago, where it has one, said Glenn Kelman, Redfin’s president and chief executive.

Redfin’s revenues grew by nearly 50 percent over the past 12 months, and every market was profitable as of this summer. The company was raising 2009 revenue projections as recently as a month ago, and business remained OK into October, Kelman said.

But “in the past three or four weeks, we just saw the market fall apart,” he said. “We were undoing deals that we had considered already done. … Just in the past week or so we saw a 30 percent drop in tours, a 30 percent drop in offers.”

 

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