The housing market ‘correction’ intensifies as layoffs hit Redfin and Compass. This interactive map

On Tuesday, layoffs hit two of the biggest names in real estate. First, Redfin announced it’s laying off 8% of its staff. Then Compass, one of the nation’s largest residential brokerages, announced it’s cutting 10% of its workforce.

In April, the U.S. housing market entered into slowdown mode. But as data rolls in for May and June, we’re learning that this isn’t  a mild slowdown—it’s an abrupt shift. Moody’s Analytics chief economist Mark Zandi tells Fortune we’ve gone from a housing boom into a full-blown “housing correction” and will soon see the year-over-year rate of home price growth fall from a record 20.6% to 0%. If a recession does materialize, Moody’s Analytics expects a 5% nationwide home price drop—including a 15% to 20% drop in America’s most “overvalued” regional housing markets. While Zandi doesn’t expect a 2008-style housing bust, he’s closely monitoring the situation.

Over the past six months, the average 30- year mortgage rate has spiked from 3.1% to 6.28% as the Federal Reserve flipped into inflation-fighting mode.