Are We Headed into a Recession?

Laid off employee in recession

It’s pretty big news lately; Microsoft, Amazon, and other tech companies have laid off more than 60,000 employees in the last year, according to CNBC. It’s all part of restructuring after we experienced a 12-year run-up in the market with record-low interest rates. So many big cap companies with high multiples are adjusting to higher interest rates to battle inflation and the thought of a possible recession on the horizon.

It’s hard to believe living in New Hampshire when we had the second lowest unemployment rate in the country in July 2022 at 2% that we would see the massive layoffs affecting other parts of the country. Even today, at 2.6%, New Hampshire has one of the lowest unemployment rates in the country.


  • Amazon is laying off 18,000 employees
  • Google 12,000 employees
  • Microsoft 10,000 employees
  • Salesforce 7,000 employees
  • Meta (Facebook) 11,000 workers
  • Snapchat 1,300 employees
  • Twitter 3,700 employees
  • Carvana 2,500 employees
  • Peloton 1,300 workers
  • Goldman Sachs 8% of workforce
  • DoorDash 6% of workforce
  • Vimeo 17% of workforce
  • Tesla 229 workers
  • DocuSign 9% of workforce
  • OpenSea 20% of workforce
  • Cameo 25% of workforce
  • Master Class 20% of workforce
  • Cassidy Digital 33% of employees
  • Cisco 5% of employees
  • Ford Motor Company 3,000 employees
  • Robinhood 9% of workforce
  • Coinbase 20% of employees
  • 20% of workforce
  • Lyft 700 employees
  • DirecTV 10% of workforce
  • Bed Bath & Beyond 20% of its workforce

Crunch Base News Reported more than 21,000 workers in the US-based tech companies have been laid off so far in 2023 and last year more than 107,000 jobs were slashed from the public and private tech companies to confront rising inflation rates, higher interest rates, and a tumultuous stock market.

The layoff bug that’s hammering major tech companies is also affecting the real estate industry, especially the larger publicly traded companies. Redfin, for example, saw its stock drop 93% from its all time high even though it has jumped up a bit in January. Instead of focusing on single brokerage, the company acquired a huge portfolio of homes and with the run up in interest rates and changing market conditions, the company announced the closure of its RefinNow iBuying Division, which purchased homes from sellers with the intention of flipping them for a profit. As a result, Redfin has cut close to 30% of its employees during the past year.

Online real estate company, Opendoor, is another example. The company cut 18% of its workforce due to rising interest rates affecting the market. This involved over 1,300 employees, including positions sealed back earlier this year. Opendoor is another form of iBuying where they offer cash for homes at a discount and then make repairs to the homes and hopefully resell them or a profit.

Zillow experienced similar issues back in 2021. The company took a hit and shut down its iBuying business model. Their stock dropped almost 79% from its all time high like Redfin did, however, it has bounced back up a bit in 2023 and is focusing on its core business and its super app which draws millions of monthly visitors across its digital platforms. In any case, the Seattle-based company had to react to market conditions and laid off approximately 300 workers.

Compass, another real estate brokerage, just announced its third layoffs in one year. The rapidly growing company’s CEO indicated it was planning for a significant decline in the market this year. In June, it was reported that the company laid off 450 employees in marketing and administration support and in October, it let go half of its tech division, which at the time included 1,500 workers.

Anywhere Real Estate, Inc., the parent company of real estate brokerages such as Coldwell Banker, Sotheby’s International Realty, and Century 21, announced on January 10th that it has laid off 11% of its workforce since June of 2022 due to the housing market struggling. Also, the company said it was closing its iBuying business, RealSure.

REMAX announced last year that 17% of its staff would be let go by the end of the year.

CBRE, a huge commercial real estate company, likewise announced a round of layoffs in December. 

Clear Capital, a real estate appraisal technology company, laid off 27% of its workers this past fall involving 378 employees.

Finance of America Mortgage laid off hundreds of employees, First Guaranty Mortgage Corp. laid off 80% of its employees, Flagstar Bank cut its staff 20% involving 420 employees, Fly Homes cut 40% of its staff or 300 employees in addition to 20% or 200 employees previously, Homepoint laid off 500 employees, Homeward cut 25% of its staff, Homie (a discount brokerage) laid off 159 employees and at Interfirst Mortgage, nearly 500 employees were let go over the past 12 months and at Home Light 19% were let go.

America’s largest bank, JP Morgan Chase, laid off more than 1,000 mortgage employees in June, Keller Mortage (affiliated with Keller Williams Realty) laid off 150 new hires and many more at a later dated, Rocket Mortgage offered 8% of its workforce voluntary buyouts, Vacasa (vacation rental startup) cut 3% of its workforce and so many other real estate startups and mortgage companies, including Flagstar, Wells Fargo, Ameri First Mortgage, Envoy Mortgage, Finance America, Homepoint Financial, Interfirst Mortgage and Loan Depot (which will cut 4,800 jobs), plus a multitude of other mortgage and lending companies who will also be making cuts to their workforces. This of course, does not include a huge list of major retailers throughout the country that have announced store closings and major cuts throughout their industry.

So after looking at all of the above, New Hampshire looks like a very solid state with a low unemployment rate of 2.6%; however, looking ahead into 2023 as inflation begins to taper, is the Federal Reserve still on a mission and will interest rates continue to rise? What effect will it have on property values going forward? And most importantly, do we see a looming recession on the horizon? 

…Only time will tell.

This article was written by Frank Roche, president of Roche Realty Group in Meredith & Laconia, NH. Frank can be reached at (603) 279-7046. Please feel free to visit to learn more about the Lakes Region and its real estate market.

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Land for sale

Buy Land in New Hampshire — They’re Not Making it Anymore

The science is in and the more trees a state has, the happier and less …

Read More →
The Price of Real Estate

Did The Price of Real Estate Increase in Your Town?

Everyone’s always interested to see how their real estate values have performed over the past …

Read More →
Laid off employee in recession

Are We Headed into a Recession?

It’s pretty big news lately; Microsoft, Amazon, and other tech companies have laid off more …

Read More →
Price Reduced

2022 vs. 2021 — Is The Lakes Region’s Frenzied Market Over?

It’s that time of year to provide all of you with an update on real …

Read More →
Roche Realty Meredith

Roche Realty Group Reports a Record of $181 Million in Sales

               Meredith- Frank Roche, President of Roche Realty Group, Inc, …

Read More →
Hillside Inn Winter

12 Things To Get You Through The Winter Months

On December 21st, the winter solstice marked the start of when days will begin to …

Read More →
Housing Inventory Lacking - Lake Winnisquam, NH

Lake Winnisquam, NH’s 4th Largest Lake is in Strong Demand

There are literally 273 lakes, ponds and rivers to enjoy in New Hampshire’s Lakes Region. …

Read More →
Interest Rates

Will We Ever See 1980s Interest Rates?

I was with a Realtor® friend of mine this past week, and we discussed what …

Read More →
Hikers overlooking the lake in New Hampshire, voted "Best State to Live in America" in 2020.

Squam Lake — a Lakes Region Treasure

This past summer, I was invited for lunch and a nice boat ride around Squam …

Read More →
Shop Local New Hampshire

Small Business Saturday in New Hampshire!

We have many things to be thankful for here in New Hampshire, plenty of natural …

Read More →
Couple downsizing to smaller home

Does Downsizing Your Home in Lakes Region Make Sense?

There are many things to consider when planning to sell your home to downsize into …

Read More →
Newfound Lake, New Hampshire

Newfound Lake is the 8th clearest lake in US

Newfound Lake is the 8th clearest lake in the United States New Hampshire has a …

Read More →
Echo Lake New Hampshire

New Hampshire Rankings are Impressive!

New Hampshire has always been fortunate to land in many of the country’s top 10 …

Read More →
Lakeside at Paugus Bay

Impressive New Construction in the Lakes Region

For new construction sales in New Hampshire’s Lakes Region, 2022 has shown very impressive results. …

Read More →
Inflation and housing prices

How Inflation Impacts Lakes Region Housing Prices

I was out with a friend this week on Squam Lake, and we were talking …

Read More →
Picture of author in the Grand Canyon

Is Lake Region Real Estate Drying Up Like The Southwest?

I just returned from a trip to Nevada, Arizona, and Utah this past week. Put …

Read More →
Brook Hill at Meredith: New luxury homes in Meredith, NH

Brisk Sales at Brook Hill in Meredith

Meredith— Sales at Brook Hill, a new luxury townhouse community in Meredith, have been exceptional …

Read More →

Impressive Sales at Lakeside at Paugus Bay

Laconia— Sales at Lakeside at Paugus Bay, a new luxury waterfront condominium community on Lake …

Read More →

Four Decades of Change in Lakes Region Real Estate

We were talking in the office the other day regarding how much the real estate …

Read More →
Supply and demand graph, real estate housing

The driving forces in the demand for NH housing

It is no secret that our country has seen some incredible growth in the real …

Read More →
Holderness, NH

Holderness Bridges Big Squam and Little Squam

Holderness is a lakeside community in the foothills of the white mountains on New Hampshire’s …

Read More →
high inflation

Energy & Ukraine Crisis Compared to 1970s Inflation

Russia’s invasion of Ukraine has emerged as a black swan event rattling the world during …

Read More →
Tilton, NH

Tilton — The Gateway to New Hampshire’s Lakes Region

Tilton, New Hampshire, is considered the gateway to New Hampshire’s beautiful Lakes Region because of …

Read More →
Map of USA: How Real Estate Trends affect the Lakes Region

How Real Estate Trends Affect the Lakes Region

New Hampshire’s Lakes Region & New Hampshire Can you believe a new analysis from Zillow …

Read More →
Laconia NH

Laconia, NH — A City on the Rise

The 17,000 resident “City on the Lakes” is nestled on the shores of three of …

Read More →
Two ice sailing enthusiasts on Lake Winnipesaukee.

Waterfront Sales Activity and Real Estate News

Here’s an update on the waterfront sales activity that we experienced over the past two …

Read More →
Tuftonboro, NH

Tuftonboro — “The Diamond in The Heart of New Hampshire”

Located just west of Wolfeboro, Tuftonboro is called “The Diamond in the Heart of New …

Read More →
Aerial view of Lake Winnisquam and Sanbornton, New Hampshire

The Rural Character of Sanbornton, New Hampshire

Sanbornton embodies all that one expects to find in an old New England town. This …

Read More →
Castle in The Clouds is one of Moultonborough's largest attractions.

Moultonborough’s 66 Miles of Shorefront Captivates

By landmass Moultonborough, NH is the largest lakefront community in the Lakes Region with 59.7 …

Read More →
Kevin Shaw - Roche Realty Group

Kevin Shaw of Roche Realty Group is Top Producer for 2021

Laconia— Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, recently …

Read More →
Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro: a Brief History Nestled in the foothills of the White Mountains and on the …

Read More →

Roche Realty Group Reports Record of $170 Million in Sales

Meredith- Frank Roche, President of Roche Realty Group, Inc, with offices in Meredith and Laconia, has …

Read More →
Meredith NH

Gilford and Meredith NH – How Do They Compare?

There are 25 towns and cities comprising the Lakes Region. This week I thought I …

Read More →

EM Heath, LLC Acquires 1084 Union Ave in Laconia

The future of Ace Hardware EM Heath LLC in Laconia became solidified this past week …

Read More →
Roche Realty Group Sells Landmark Commercial Building in Gilford, NH

Roche Realty Group Sells Landmark Gilford Commercial Building

Gilford- One of the most visible, historic landmark commercial properties in New Hampshire’s Lakes Region …

Read More →
New Commercial Constructioin in Lakes Region

Commercial Sales Increasing in the Lakes Region

Recently I’ve been outlining the sales activity for residential, waterfront, and multi-family apartments in the …

Read More →
Laconia NH Commercial Building Sale

New Owner for 8,447 Sqft. Commercial Building in Laconia

Laconia— Exciting news for the downtown Laconia district. Another substantial commercial building, including approximately 8,447 …

Read More →

Strong Demand for Multi-Family Apartments in NH’s Lakes Region

Last week I was driving through Loudon Road in Concord in the busy heights area, …

Read More →
NH Lake

Area Lakes Show Considerable Appreciation

Below you will find data and insight into what’s happening in sales activity on 8 …

Read More →
inflation in shopping center / grocery store

More Inflation Concerns

More Inflation Concerns I submitted an article a while ago titled “Is Our Current Inflation …

Read More →
Alpenrose Village Retail Center located at Rte. 11 B / Rte. 3 in Weirs Beach, Laconia

Roche Realty Group Sells Alpenrose Village Retail Center

Laconia, NH – Tom Drouin of Roche Realty Group in Meredith represented both the seller and the …

Read More →
As the Real Estate Season Turns

As the Real Estate Season Turns

“There’s hope for buyers on the horizon, with more real estate opportunity to come.” This …

Read More →

10 Things to Consider if You’re Buying in a Seller’s Market

Anyone looking to buy a home today knows they are in a seller’s market, which …

Read More →

Third Quarter Update – Lakes Region Real Estate Activity

I’ve pulled up some data to provide all of you with some current insight on …

Read More →
Home Maintenance - Person repairing wall in house

Home maintenance the difference between sold and stuck

Be honest… is your home in need of some repairs? Because the truthful answer to …

Read More →
Coins stacked up indicting inflation

Is our Current Inflation “Transitory?”

The Federal Reserve officials have described the current period of high inflation as “transitory.” In …

Read More →
ABBA Tribute performing at the Lakeport Opera House

Meet you at the Lakeport Opera House

Last Saturday, Nancy and I were invited to the Lakeport Opera House to take in …

Read More →
Picture of

The New Hampshire Advantage

All of us who live in New Hampshire’s beautiful Lakes Region certainly have lots to …

Read More →

Just like vacation seasons, vacation homes come and go

When you think about it, all homes are actually seasonal properties. Whether it’s a primary …

Read More →

Hunt for lower prices like a lone wolf

If you ever watched Saturday morning cartoons back in the day, you may recall Looney …

Read More →

Leave a Comment