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Why Redfin Stock Tumbled 26% Last Month

TheMotleyFool

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Shares of Redfin (NASDAQ: RDFN) were falling sharply last month as the online real estate brokerage continued to react to negative news out of the housing market.

While there was little company-specific news on Redfin, mortgage rates continued to move higher last month, and the Federal Reserve updated its interest rate forecast, indicating it expected to keep rates higher for longer than it had predicted earlier, which weighed on the market broadly, especially in the real estate sector.

According to data from S&P Global Market Intelligence, the stock fell 26% last month.

Source Fool.com

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