Looking for a quick catch-up on the buzziest stories of the week? Here’s Inman Top 5, the most essential stories of the week, according to Inman readers.
1. Compass to cut workforce by 10% amid worsening economy
Compass CEO Robert Reffkin at Inman Disconnect 2019. Credit: Inman
The layoffs will involve full-time employees, not agents, and come as the housing and stock markets experience a major shift.
2. Do layoffs at Compass and Redfin signal a looming real estate purge?
The ranks of the real estate industry have swelled over the past decade. Some experts who spoke to Inman believe a trend in the opposite direction may be picking up speed.
3. Could mortgage rates fall? Agents react to biggest rate hike in 28 years
Photo by Drew Angerer/Getty Images
Reaction to rate hike was mixed on Wednesday as real estate agents noted what they saw as a clear signs of a “transitioning market.” Economists say mortgage rates could actually dip.
4. Mortgage rates surge past 6% on fears of Fed tightening
Dramatic inflation reading fuels speculation that Federal Reserve policymakers will implement drastic 75-basis point interest rate hike Wednesday.
5. Fannie Mae downgrades home sales expectations for 2022 and 2023
Higher mortgage rates are now “housing market’s primary constraint,” economists at Fannie Mae said in a new forecast predicting home sales will fall 13.5 percent this year.