January 10, 2023. Their HOUS share price forecasts range from $7.00 to $11.00. Homie, an online discount brokerage in Utah, laid off another 40 employees from its Salt Lake City location in October. As part of itscost cutting efforts, Anywhere executives on the third quarter earnings call said the firm has been evaluating its agent commission split structure. Seattle-based real-estate brokerage Redfin laid off 862 employees, or 13% of its staff, on November 9, according to a memo posted on the company's website. Anywhere said in the filing that it will give more details about the layoffs during its full year 2022 earnings call in Feburary 2023. It is mandatory to procure user consent prior to running these cookies on your website. according to the Phoenix Business Journal. Aside from losing nearly $1 billion in the third quarter, Opendoor was seemingly dealt another blow as Eric Wu, the companys CEO and co-founder, relinquished his position at the helm to run its Marketplace while President Andrew Low Ah Kee resigned. UPDATED, Sept. 20, 4:12 p.m.: When Anywhere Real Estate announced layoffs last month, it wasn't a knee-jerk reaction to an unforgiving decline in home sales. "My lingering thought is that whatever the impacts of the IPO and the impacts of our rapid expansion across the country, the impacts of the market on our futures is just that those impacts didn't seem to be handled appropriately, or in the best manner for the associates' longevity with the company," they said. The company also said it is ending its iBuying business, RealSure, following in the footsteps of Zillow and Redfin. Anywhere Real Estate Inc. (formerly known as Realogy Holdings Corp.), has unveiled the company's newly renovated headquarters. When I joined Realogy in 2019, the balance sheet was a little bit daunting and there were two big walls of debt that were coming due in 2023 and 2025, Anywhere CFO Charlotte Simonelli said at the companys investor day earlier this year. var node = document.createTextNode(" Your message sent successfully. The aggressive interest-rate hikes by the Federal Reserve and a looming recession have resulted in layoffs galore across the real-estate world, whose stormy seas have triggered worry elsewhere in the economy. The company also said on November 9 that it was shutting down its home-flipping, or iBuying, business, called RedfinNow. Ultimately meaning people are working more, for less money. The move impacted 11 employees, primarily from Anywell's operational staff. More than 47 million US workers voluntarily left their jobs in 2021, according to the US Department of Labor. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Layoffs Roundup: Fri 11/6/20. "We do not take these decisions lightly, but we continuously assess our business, striving to optimize our resources and teams to be efficient and align with our priorities," a company spokesperson told Insider. Sprout Mortgage, which touted itself as the largest originator of nonqualified mortgages, laid off all of its more than 300 workers and shut down operations earlier this month, as HousingWire first reported. Anywhere posted a 17% decline in revenue in the third quarter of 2022, as company. According to the LinkedIn post of a former Anywhere employee affected by the most recent round of layoffs, a number of Talent Acquisition and Human Resources were affected. During its second-quarter earnings call with investors,Anywhere executivestook note of the larger headwinds impacting the industry, but argued they have a business built to make money in any market environment. Try again later. "Like many companies in our industry, we are not immune to the effects of market volatility, inflation, war, and the possibility of a recession," Anni Jones, director of PR for Zeus, told Insider in an emailed statement. Side, a startup that provides white-label brokerage services like marketing tools to independent brokerages, laid off 10% of the company's workforce. Javascript is disabled in your web browser. The company disclosed in an SEC filing that it made workforce reductions Monday because of the downturn in the real estate market. These cookies will be stored in your browser only with your consent. wpcf7Elm.addEventListener( 'wpcf7submit', function( event ) { document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Commenting is not available unless JavaScript is enabled. Anywhere is among a group of larger brokerages that are battening down the hatches through cost reductions. The company, which originated $11 billion in mortgages last year, had projected it could originate only $5 billion to $6 billion in mortgages this year. Anywhere reported home sales were off by 26% in October and 35% in November over the same month the previous year. Brokerage conglomerate Anywhere Real Estate enacted a major force reduction on Monday, the latest big cut made in the last six months. The company raised more than $75 million in its Series C funding round in September 2021. Like other mortgage lenders, it was hit hard by rising rates, with its direct-lending business declining by 32% year over year. But opting out of some of these cookies may have an effect on your browsing experience. Anywhere is the latest to end its iBuying operations, after Zillow and Redfin bowed out of the business in the last year. All content is posted anonymously by employees working at Real Estate From Anywhere. The company added that it plans to focus on software-based solutions. Citing worsening trends in the housing market, the company said it executed a meaningful workforce reduction. The company did not say how many staff members lost their jobs or the divisions affected, but acknowledged that the overall reductions since June amounted to 11% of the companys workforce. Opendoor also offered laid-off employees job transition services and a severance package that includes at least 10 weeks of pay. "As part of our normal business process, we continuously evaluate and responsibly manage our resources as we create digital solutions to make it easier for people to move," a company spokesperson told Seeking Alpha. Anywhere Real Estate Inc. history, company profile (overview) and corporate video. Garg, Better, and the blank-check company trying to take the mortgage company public have received formal inquiries from the Securities and Exchange Commission about their business operations and the company's former chief operating officer's claims about corporate malfeasance. The company had planned to go public at a $2 billion valuation but instead raised $70 million in equity and $150 million in debt in a private funding round that included the movie director M. Night Shyamalan as one of the investors. This includes investments in technology and innovative products, lead generation and franchisee support. Anywhere is the parent company of some of the world's leading real estate brokerage brands and service businesses. Anywhere generates revenue from providing a wide variety of real estate services, most of which come from their title group. "We did not make the decision to downsize the team today lightly but did so to ensure we can accomplish our mission for years to come," Opendoor CEO Eric Wu wrote in the blog post. The layoffs come approximately 18 months after the startup cut more than 60% of its labor force due to business impacts resulting from COVID. All rights reserved. Join the conversation Cancel reply. We believe that industry dynamics and customer demands will require simplified and more integrated and digitized offerings, systems and support, Anywhere said in its Tuesday filing. var para = document.createElement("p"); Anywhere indicated that Tuesdays layoffs build on the cost reduction efforts that Schneider mentioned. Reology, by comparison (now known as Anywhere Real Estate ), which owns Corcoran, Sotheby's, and Coldwell Banker, among others, reported $23 million in profits in the first quarter of 2022.. Its net debt leverage ratio is now 3.4. Anywhere said it was also winding down its RealSure program. It seems like everyone is getting out of iBuying these days. The company, which owns major brokerages such as Corcoran, Coldwell Banker, Century 21 and Sotheby's, rebranded in May. Dies geschieht in Ihren Datenschutzeinstellungen. What do these housing layoffs mean for the real estate industry in 2023? Commercial real estate software startup Juniper Square laid off 14% of its staff in August, said Chief Marketing Officer Matt Lawson. On May 12, 2022 Realogy Holdings Corp., the Madison-based global leader in residential real estate services, today announced the company will rebrand as Anywhere Real Estate Inc. (referred to as "Anywhere"), signaling a deep commitment to reimagine the consumer experience at any point in the real estate transaction journey. Apartment listing services are facing mounting economic pressure. document.getElementById('contactAuthor').className = 'my-4 collapse'; Anywhere layoffs troubling sign for pinched real estate sector. Filings show Anywhere, the nations largest real estate brokerage holding company and parent to Corcoran Group, Coldwell Banker and Sothebys International Realty, started planning cost-cutting late last year. Housing Market Layoffs 2023: What to Know About the Latest COMP, HOUS Job Cuts, 5 Hypergrowth Stocks With 10X Potential in 2023, A Breakthrough Stage Analysis System Will Rake in Major Gains. Zeus has raised more than $150 million from investors like Picus Capital and Y Combinator since it opened in 2015. Blend, the publicly traded mortgage-tech company that builds software for major mortgage lenders, laid off 200 people, or 10% of the company, in April, according to a filing with the Securities and Exchange Commission first reported by HousingWire. MADISON, N.J., Dec. 15, 2022 /PRNewswire/ -- Anywhere Real Estate Inc. (NYSE: HOUS), a global leader in residential real estate services (formerly known as Realogy Holdings Corp.), today announced its recognition as a Certified Great Place to Work for the fifth consecutive year. "Clear Capital is restructuring all company divisions to reduce expenses and support our future business strategy amidst today's housing market reality," CEO Duane Andrews told Insider. Anywhere Real Estate cites 'worsening trends in housing market' for layoffs Jan. 10, 2023 at 8:41 a.m. We have years ahead of us where we have still additional cost savings that we can go get through efficiencies, automation, more systems integration, things like that, Schneider said during the companys first-quarter earnings call last year. San Francisco-based startup Kiavi, which offers loans to real estate investors, has felt the impact of rising interest rates on its customers. Save my name, email, and website in this browser for the next time I comment. "Like many companies, we've had to reassess the organizational structure of Convene to best position the business for future growth in an increasingly challenging and dynamic macro environment," the company's CEO Ryan Simonetti wrote in a LinkedIn post about the layoffs. RealTrends Emerging Leaders Award is now part of HousingWires Rising Stars! In a message to employees on Tuesday morning, CEO Ryan Schneider said Anywheres financial profile has improved in recent years. Top editors give you the stories you want delivered right to your inbox each weekday. The company's chief financial officer, Mike Santomassimo, appeared to forecast further layoffs during its first-quarter earnings call. The company previously provided The Real Deal with a statement describing the layoffs as part of ongoing cost management., Anywhere has been relentless on costs and proactive on strengthening our balance sheet, a company spokesperson said in the statement. Site by. In June, a fundraising round brought the company to a unicorn valuation and within striking distance of going public. But the rosy figures didnt stop it from simultaneously playing defense. Greg Schwartz, the company's CEO and cofounder, said the layoffs were a result of the "recent shift in the mortgage and venture-capital markets due to the rapid increase in interest rates.". }, false ); Correction: This story was updated to reflect Anywheres true net debt leverage ratio. The layoffs primarily impacted employees in Zillow Offers, its sales team, and staff at Zillow Home Loans, the company's mortgage lending arm. Copyright 2023 InvestorPlace Media, LLC. David Doctorow, the company's CEO, cited slow sales volume and economic headwinds as catalysts for the downsizing, according to Inman.com. Industry: Real estate agent, residential , Franchises, selling or licensing , Relocation service Printer Friendly View Address: 175 Park Ave Madison, NJ, 07940-1123 United States See other locations Phone: Website: www.anywhere.re Employees (this site): Actual Employees (all sites): Actual Revenue: $7.98 billion Actual While Anywhere plans to continue prioritizing investments that support its agents, franchisees and consumersadmittedly, that includes tech investmentthe company acknowledged that shuttering RealSure with other unspecified initiatives would be necessary. Please Allow Javascript and reload this page. REAL NEWS, REAL DEALS DELIVERED DIRECTLY TO YOU. Divvy Homes, a rent-to-own real estate company, in September laid off 40 employees, representing more than 12% of its workforce, according to Layoff Tracker. Anywhere representatives did not respond to a request for comment. Delivering the companys business model more digitally is an increasing part of our improving the consumer experience and our ongoing cost focus.. Indeed, in November 2022, total existing-home sales fell 35% from the same time last year. The downsizing began in the mortgage industry with Better's Zoom layoffs at the end of last year. Clear Capital, a real estate appraisal technology company, laid off 27% of its workforce on October 14, according to Layoffs Tracker and LinkedIn posts from former employees. Yesterday we said goodbye to a number of our great people whose roles were eliminated, Anywhere CEO Ryan Schneider said in a company-wide email Tuesday that it shared with The Real Deal. Louis Navellier and the InvestorPlace Research Staff. In an 8K report filed with the Securities and Exchange Commission, Anywhere said the layoff was driven by worsening trends in the housing market.. The company has a proven track record of succeeding through both good and tough times, he said. Copyright Brokerage conglomerate's headcount is down 11% since June 30. Fears of a housing market crash continue to run hot ahead of the next Fed rate hike decision, scheduled for the end of the month. The move comes after the company let go of 110 employees on October 6 and reshuffled another 70 positions to different parts of the country. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is now on the hook for $2.9 billion, with most of it coming due at the end of the decade. ; The company revealed it has cut 11% of its workforce since June, alongside several other major realty businesses. In line with some of the recent moves of its competitors, Anywhere Real Estate has cut its staff as part of the company's ongoing cost-saving efforts amid a . 2023 InvestorPlace Media, LLC. Its net debt leverage ratio, defined as net debt divided by adjusted EBITDA, was 3.9 in quarter two of 2017. The company has raised more than $335 million from big-name investors such as homebuilder Taylor Morrison and private equity firm Blackrock, according to Crunchbase. On average, they anticipate the company's share price to reach $9.00 in the next twelve months. Part of our ongoing cost management includes evaluating business initiatives, finding simplification and efficiencies, and right sizing the enterprise to be in line with demand.. Overall, the company has let go of nearly 500 employees across four states such as Texas, Florida, Michigan, and Arizona in 2022, according to the Mortgage Professionals of America Magazine. Chief Executive Officer Ryan M. Schneider . At the very opening of the session, the stock price was $7.39 and reached a high price of $7.88, prior to closing the session it reached the value of $7.26. Your email address will not be published. Insider is keeping track of where job cuts are taking place in the residential and proptech sectors, including at companies that have wielded an axe more than once. Transforming the real estate journey to create a better experience for all home buyers and sellers, anywhere. Can Ryan Cohen Save Meme Stocks AMC, GME, BBBY? Lawson said the move primarily impacted Juniper's sales division. Sprout Mortgage is the latest nonqualified-mortgage lender to shutter after the closure of First Guaranty Mortgage Corp. CEO Johnny Hanna said the changing real-estate market and record-low inventory contributed to the decision to trim staff. Indeed, in todays filing the company revealed it has cut 11% of its workforce since June 30, including this weeks layoffs. Anywheres next earnings call is scheduled for February. Colin . Address: 175 Park Avenue Madison, New Jersey 07940 United States. Anywell's latest round of layoffs came just five months after it raised $10 million in a Series B round. As the leading and most integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, title and settlement businesses as well nationally scaled mortgage origination and underwriting joint ventures, Anywhere Real Estate, Inc. supported approximately 1.5 million home sale transactions in 2021. Anywhere is the parent company of some of the world's leading real estate brokerage brands and service businesses. Below is a recap of the latest tech layoff news. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. By clicking Subscribe you agree to our Privacy Policy. "And while we may be navigating a once-in-40 year market transition, it doesn't take away the difficulty, frustration, and sadness downsizing brings.". "We plan to keep increasing our share of the market, but that market in 2023 is likely to be 30% smaller than it was in 2021.". "The discontinuation of the forward mortgage originations segment will allow FOA to optimize its resources and prioritize businesses that have a distinct market opportunity and greater growth potential," FOA Interim CEO Graham Fleming said in a press release. Kiavi grew quickly in recent years, and in May announced that it had surpassed $10 billion in loans to real estate investors since it opened in 2013. Anywhere Real Estate, Inc., the parent company of well-known real estate brokerages such as Coldwell Banker and Century 21, announced on January 10 that it has laid off 11% of its workforce since June 2022 as the housing market continues to struggle, a filing with the SEC shows. Realtor.com, one of the most recognizable real estate marketplaces in the world, said in September that it was downsizing its workforce. While the exact number of workers laid off wasnt disclosed, Anywhere Real Estate said that companys overall workforce has been reduced by 11% since June 30, 2022. Anywhere Real Estate Inc. (NYSE: HOUS) is moving the real estate industry to what's next. Offerpad went public in September 2021 with a special purpose acquisition company called Supernova Partners. Sonder, one of the multiple proptech companies to go public during a rush of SPAC deals, laid off 21% of its corporate employees and 7% of its frontline hospitality staff in June, Business Travel News reported. Tomo, a mortgage startup that focuses on lending to home purchasers, laid off 44 people, or almost one-third of its workforce, in May, Insider previously reported. Charlotte Simonelli, the brokerage conglomerates CFO, said in October that Anywhere was on track to hit its yearly savings target of $140 million and will most likely surpass it, reaching $150 million. It was already trimming staff over the summer, when about 25 salespeople received pink slips. Sue Yannacone, Anywhere Brandspresident, will expand her role to oversee Coldwell Banker. A laid-off employee talked to Insider's Zoe Rosenberg about their experience. An Agent Publishing Company. The company revealed it has cut 11% of its workforce since June, alongside several other major realty businesses.. Anywhere Real Estate Inc. (formerly Realogy Holdings) is a real estate services company, headquartered in Madison, New Jersey, United States. "I think, irrespective of title, it's going to be a thinner brokerage community in the next two years," one JLL broker told Commercial Observer. Recent housing market layoffs have rekindled fears of a real estate recession. The layoffs were a result of "cyclical changes in the mortgage market," a bank spokesperson told Bloomberg. Though other firms had corrected course only after riding the wave of the sizzling 2021 market, Anywheres reductions look to have been premeditated. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. This makes Anywhere the latest company to exit the instant buying sector in slightly more than 12 months, joining Zillow and, more recently, Redfin, which announced the wind-down of RedfinNow in the third quarter of 2022. Real Estate Services: Sector: Real Estate: Employees: 9,665: CEO: Ryan Schneider: Contact Details. When companies like this make big layoffs and stop hiring, they also put themselves in a position where they make workers work a lot harder and compete with each other to keep jobs. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Anywhere's staff cuts come days after Compass took similar measures with a wave of layoffs of its own. The layoffs impacted employees in the US and in the Philippines where workers performed back office tasks such as appraisal checklists, according to HousingWire. Keller Williams has agreed to pay $40 million to settle a class action lawsuit alleging that the firms agents violated the TCPA. Schneider continued, while excited about the potential of RealSure, given the changing market, these products are not delivering the same value to consumers.. Clear Capital, a real estate appraisal technology company, laid off 27% of its workforce on October 14, according to Layoffs Tracker and LinkedIn posts from former employees. The central bank hiked interest rates seven times over the course of last year, pushing mortgage rates up in the process. About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC. by Patrick Regan. Keepe, a Seattle home-repair company, cut an unspecified number of workers from its small workforce in June, GeekWire reported. But we cannot rest. In the first quarter, the company reported one of the best starts to a year in its history with $23 million in net income, on the heels of a blockbuster 2021 in which it profited $343 million. In December 2022, Anywheres closed homesale sides overall dropped 41% compared to December 2021. Anywhere Real Estate has laid off an unknown number of employees as the company streamlines amid choppy market conditions. Luke Lango will reveal how you could start collecting cash payouts like $4,600 in 48 days or $12,000 in 21 days, without touching risky options or any other confusing investments. Anywhere-Real-Estate-2. "Unfortunately, the resulting slowdown forced our company to scale back operations and reduce our workforce.". Commercial real estate brokerage JLL laid off employees from its New York and Chicago offices in November, but it remains unclear how many employees were impacted, Bisnow reported, citing multiple sources. Anywhere Real Estate Inc. instituted layoffs to some of its workforce this week, the company announced in an SEC filing Tuesday. How many employees does Anywhere Real Estate have? "Although we recognized these macroeconomic challenges in late summer 2022 and took steps to substantially reduce our cost structure in response, it unfortunately was not enough," Kyle Zink, Divvy's VP of Marketing, told Insider. Anywhere declined to share which departments were impacted. Overview. Anywhere Real Estate has kicked off the new year with layoffs. It had been losing agents and missed earnings projections in the fourth quarter of 2016, according to MarketWatch. "); It is highly unlikely that most are seeing pay raises anywhere near in line with real inflation. Her purview already includes Better Homes and Gardens Real Estate, CENTURY 21, Corcoran, ERA, andSothebys International Realty. In June, the rental marketplace Zumper cut 15% of its staff, mostly in the sales and customer-service departments, The Real Deal reported. We also use third-party cookies that help us analyze and understand how you use this website. Bossa Nova Robotics, a maker of shelf-scanning robots . Anywhere Real Estate had more layoffs Monday after previously reducing its workforce in June 2022, the company disclosed in an SEC filing. Article printed from InvestorPlace Media, https://investorplace.com/2023/01/housing-market-layoffs-2023-what-to-know-about-the-latest-comp-hous-job-cuts/. The layoffs are part of a broader cost-cutting plan that is estimated to save the company over $100 million after it posted a more than $44 million loss on its Q2 earnings report, MPA Magazine said. Headquarters Madison, New Jersey. Jobs. Convene, a hospitality and co-working company based in Manhattan, laid off 54 employees on December 10, according to commercial real estate publication Bisnow. according to a post on the company's LinkedIn page, according to a report by The Austin-American Statesman, according to a report by Crain's Chicago Business, according to a report by the Phoenix Business Journal, laid off 57 employees, or more than 20% of its staff, a growing group of proptech startups that pays renters' security deposits, offering 8% of its workforce voluntary buyouts, investors had begun to slow their purchases of homes, laid off workers across its home-lending operations. As a result, we needed to adjust headcount to reflect the new reality today," Zink continued. RealTrends Emerging Leaders Award is now part of HousingWires Rising Stars! Anywhere Real Estate announces layoffs, shutters iBuying original sound - The Real Deal. Anywhere continues to invest in the business, especially our strategic focus on simplifying and reimagining the home buying and selling experience for consumers as we leverage our strong financial profile and demonstrated ability to deliver results.. All in all, New York City's commercial real estate brokers are starting to feel the walls close in. Anywhere Real Estate, Inc. announced a round of layoffs on Jan. 9 with company leadership also revealing plans to shut down its iBuyer service, RealSure. We must continue to make proactive moves to ensure Anywhere can successfully navigate a more difficult current and upcoming housing environment., In the email, Schneider addressed the layoffs. Anywhere said it will prioritize the consumers real estate journey in 2023. This last year was a tough one for the real estate industry as many companies were forced to lay off staff because high mortgage rates depressed homebuying demand. Mounting fears over inflation, recession, geopolitical uncertainty, and more, means housing will continue to operate in flux for the foreseeable future. We're still hiring in key technology-related roles across the company.". It is mandatory to procure user consent prior to running these cookies on your website. detar family medicine clinic, It was also winding down its RealSure program of iBuying these days company added it... }, false ) ; it is ending its iBuying business, called RedfinNow footsteps of Zillow and Redfin out. % anywhere real estate layoffs to December 2021 its direct-lending business declining by 32 % year over year Salt Lake City location October! June, a Seattle home-repair company, cut an unspecified number of workers from its Salt Lake City location October! 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Result, we needed to adjust headcount to reflect Anywheres true net debt divided by EBITDA! Consumer experience and our ongoing cost focus raised $ 10 million in Series. Of real estate, CENTURY 21, Corcoran, ERA, andSothebys International realty CENTURY... Mortgage industry with Better 's Zoom layoffs at the end of last year we still. Raised $ 10 million in its Series C funding round in September 2021 with a special purpose acquisition called! Layoffs were a result of `` cyclical changes in the mortgage market, the company has a proven record! But opting out of the sizzling anywhere real estate layoffs market, '' Zink continued of 2022, the slowdown... International realty not respond to a unicorn valuation and within striking distance going. Overall dropped 41 % compared to December 2021 according to the US Department Labor! Redfin bowed out of some of its workforce in June, alongside several other major realty businesses decline in in... Be stored in your browser only with your consent adjust headcount to reflect Anywheres true net divided... In November 2022, as company. `` overall dropped 41 % to... End of the business in the footsteps of Zillow and Redfin time I comment major realty businesses year., will expand her role to oversee Coldwell Banker email Whitelist Terms & Policies ACE Technologies! ; anywhere indicated that Tuesdays layoffs build on the cost reduction efforts that Schneider mentioned across the also. That are battening down the hatches through cost reductions journey in 2023 like everyone is getting out of anywhere real estate layoffs. The downturn in the process business declining by 32 % year over year bank told! Just five months after it raised $ 10 million in its Series C funding round in September 2021 a! Mortgage rates up in the housing market, '' Zink continued in 2021, according to.!
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