Realtor.com CEO David Doctorow is recently quoted for blaming a slow in real estate activity nationwide to an unspecified number of layoffs in the company. On one hand, it is understandable that when business slows, a company will re-balance its needs. On the other hand, laying off staff is either uncaring or a sign of a greater concern in the market place. So, we are taking a cautious albeit concerned approach to some of these large real estate firm layoffs.
From what has been largely reported in other outlets, most of the layoffs to date for most of these similar companies have been a very small amount of their workforce so to us, it looks more like market adjustment than panic. Nontheless, it is disconcerting to the market in general. We will continue to watch for more signs that could indicate something larger, but we believe a market correction was not only imminent but necessary. Furthermore, market corrections are healthy or can be so it is still early to be overly concerned, but cautious, conservative approaches to near-term deals is on our mind. What about yours?
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