Power buyer Orchard has once again handed walking papers in its second round of layoffs since June of this year.
According to a LinkedIn post on the company’s profile, Orchard laid off workers at the end of last week under what it’s called the biggest housing market disruptions in history.
“Never in the past 100 years have mortgage rates risen at such a rapid pace. The dramatic increase in interest rates has caused many buyers to pause their search and many homeowners to stay put in their homes. Forecasted industry volume for 2023 is substantially less than the past few years, and will require us to slow growth, reduce costs and set ourselves up to weather the uncertainty ahead,” the post said.
“The changes we made today were just one of many other cost-cutting measures and help ensure that Orchard will be able to help homeowners and drive our mission forward for years to come”
Orchard previously laid off nearly 100 employees back in June. According to Inman, the latest round of cuts shed about 23 percent of the workforce.