The Federal Reserve’s man-made housing market recession has had a devastating impact on the real estate industry. As a result, four of the biggest players in the business have just lost their Fortune 500 status: Rocket Mortgage and Zillow are two of those companies.
The reason for this dramatic fall from grace is that these companies were unable to keep up with changing consumer trends during such an uncertain economic climate. With fewer people buying homes, mortgage lenders like Rocket Mortgage saw their profits drop drastically as they struggled to stay afloat in a shrinking market. Similarly, Zillow was hit hard by decreased demand for its services due to fewer home sales and rentals being made available across America; leading them both off of the list of top 500 businesses in terms of revenue earned over the 2020/2021 financial year.
It remains to be seen if either company will be able to recover from this setback and reclaim its former glory or not; however, it does serve as an important reminder about how quickly fortunes can change when dealing with volatile markets such as real estate – even for some big names within it!