Why Redfin Stock Couldn't Escape the Market's Thursday Tumble
Life isn't easy for real estate companies these days, as rapidly rising interest rates threaten to put a real damper on their markets. This was a major factor behind Redfin's (NASDAQ: RDFN) slump on Thursday, which was only slightly less pronounced than the 1% fall of the S&P 500 index. A new research report produced by the company highlighted the perilous state of American real estate just now.
Redfin has a research unit, which tends to be fairly sober and honest about the state of real estate in this country. Thursday afternoon that team released its latest take on the market, and although it didn't contain any revelations, it wasn't exactly grounds for optimism.
According to the data compiled by Redfin pundits, certain indicators of homebuying interest are showing notable declines. The company noted that the number of home tours has fallen by 7%, with mortgage purchase applications seeing a 13% decline.
Source Fool.com
