Gains keep coming: WeWork, Vacasa and Compass started 2023 with layoffs as the US housing market reinforces its downtrend. Here are 58 companies that have lost jobs.

  • WeWork, Vacasa and Compass are the latest real estate firms to lay off employees.
  • The layoffs affected more than 13,000 workers as demand for mortgages reached its lowest level since 1997.
  • The insider gathered 58 firms that have cut staff amid a cooling housing market.

If the first weeks of January 2023 are a sign of what’s to come, then this year could be another brutal year for real estate companies.

The past year ended in a whimper as deals that were once lucrative for the industry and home purchases that were available to ordinary people fail due to higher borrowing costs.

Meanwhile, aggressive interest rate hikes by the Federal Reserve and a looming recession have led to mass layoffs in the real estate world, a turbulent sea of ​​which has caused concern in other sectors of the economy. The cuts are sobering for an industry that was booming just a year ago thanks to rising house prices, rising rents and copious technology funding.

The contraction began in the mortgage industry with layoffs at Better’s Zoom late last year. The drastic move comes amid expectations of a significant downturn in 2022, and brokerages like Redfin and Side followed suit as transaction volumes fell.

With signs of a crisis spreading in the office real estate market and among developers, as well as the expected increase in rates throughout 2023, the number of layoffs is increasing. The Mortgage Bankers Association – the largest trade group in the industry – expects turnover rates to reach 30%, the spokesman said.

Indeed, more jobs in the industry are likely to match mortgage demand, which is still at near-historic lows, according to the MBA.

The insider tracks where jobs are being cut in the housing and construction equipment sectors, including at companies that have taken up the ax more than once. Companies with layoffs are listed below in alphabetical order.

Do you know of other layoffs related to real estate or mortgages? Have you been affected by them? Email us at [email protected] or [email protected].

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