US property sector braces for job cuts as rate rises crush home sales
Realtors, mortgage brokers, and appraisers across the US are bracing for widespread job cuts as home sales plummet amid rising interest rates.
For those who work in and around the housing market, the effect of aggressive moves by the Federal Reserve to reduce inflation has been swift and severe.
“It went from feast to famine, from everybody buying to turtle slow,” said Linda McCoy, board president of the National Association of Mortgage Brokers.
“It wasn’t extreme to begin with, over the last couple of months it’s really accelerated,” Skelly said. “It’s a little bit more significant of a correction than I thought it was going to be.”
This story originally appeared on: Financial Times - Author:Taylor Nicole Rogers
