Why Redfin Stock Was Sliding This Week
Shares of Redfin (NASDAQ: RDFN) were falling this week in response to a broader sell-off in the stock market as investors reacted to weak economic data and hawkish comments from the Federal Reserve ahead of its next rate-hike decision on Feb. 1.
As an online real estate brokerage, Redfin is sensitive to interest rates and mortgage rates, and the stock crashed last year after the real estate market fell sharply, the company issued two rounds of layoffs, and it was forced to shutter its home-flipping RedfinNow business.
At the end of last week, Redfin also released a report saying that home sales were slow to start the new year.
Source Fool.com
