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Housing Market Has Hit a ‘Significant Slowdown’ in Recent Weeks, Redfin CEO Says

Redfin stock dives after top exec says sudden downfall is expected to continue in August and September

by Jeremy C. Owens
Market Watch

The housing market hit a sudden and “significant” slowdown in the past few weeks that could continue in coming months, Redfin Corp.’s chief executive said Thursday afternoon.

The real-estate brokerage and website company announced second-quarter earnings Thursday afternoon that beat expectations, but the company’s third-quarter forecast came in short of what Wall Street was projecting. On a conference call to discuss the results, Chief Executive Glenn Kelman reported that Redfin had pulled down its forecast after “an unexpected drop in Redfin’s bookings growth in the past three weeks, slowing traffic growth in a weakening real-estate market.”

Continue Reading at MarketWatch.com…

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