U.S. Real Estate Stocks Sink

Real estate brokerage stocks plummeted last week due to dwindling expectations for Federal Reserve interest-rate cuts, coupled with concerns about the sector's outlook following a disappointing earnings release, according to Norah Mulinda's report for Bloomberg News.

The housing market has been struggling, with diminishing demand and rising rents.

Shares of Anywhere Real Estate Inc. plummeted by 7%, marking a 38% decline for the year, after the company reported weaker-than-expected first-quarter results. Industry peers, including Opendoor Technologies Inc. and Redfin Corp., also experienced declines.

The housing market has been struggling, with diminishing demand and rising rents.

The commercial sector has been particularly affected by the COVID-19 pandemic and the widespread adoption of the work-from-home (WFH) model, which has led to decreased demand for office spaces due to corporate closures, bankruptcies, and layoffs.