Real estate appraisal and technology firm Clear Capital yesterday laid off over 25% of its current workforce due to the rapid decline of the lending market.
Clear Capital provides human-written appraisals and automated valuations as well as inspection reports. The sudden quick rise in interest rates has led to a 88% decline in year-to-year refinance volume as of the 1st week of October 2022.
“Clear Capital is restructuring all company divisions to reduce expenses and support our future business strategy amidst today’s housing market reality. This will allow us to refocus the business on key areas and ensure we are on track for sustainable growth. The impact of a rising interest rate environment in the mortgage industry has resulted in a significant decrease in volume from our customers, which has forced us to make some difficult decisions . We are working closely with each employee during this transition.”CEO Duane Andrews.