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Fortune

Lance Lambert

The Pandemic Housing Bust rocks bubbly markets like Phoenix

Redfin United States iBuyer Phoenix iBuyers Pandemic Glenn Kelman Fortune Zillow Las Vegas

Phoenix skyline framed by saguaro cactus and mountainous desert (Credit: Getty Images)

Redfin is throwing in the towel.

On Wednesday, Redfin told shareholders that it plans to shutter its home buying program. As it does so, it will lay off 862 employees—or 13% of its workforce.

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