General World News

Housing industry continues to shed employees in economic downturn

Don’t be fooled by last week’s mortgage rate collapse

A combination of elevated mortgage rates, sluggish home sales and inflation continue to plague the housing market workforce, with numerous mortgage lenders and real estate startups shedding employees.

“The U.S. housing market appreciation and the rapid increase in mortgage rates have reduced housing affordability and accelerated the plunge of mortgage origination volumes,” a recent Fitch Ratings report stated. 

These trends have exacerbated industry overcapacity, leading to continual layoffs. This week, American Financing Corporation reduced employee headcount by almost two thirds and power buyer Homeward slashed 25% of its workforce as details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com