Posted on 05/08/2025 2:21:07 PM PDT by cotton1706
A Redfin analysis shows that the number of homes for sale in Washington, DC, rose at the fastest pace on record last month.
Sweeping layoffs of government workers spearheaded by DOGE boosted the figure.
DOGE slashed over 200,000 federal jobs in March alone, one analysis found.
Widespread layoffs of federal workers are rippling through the housing market of the nation's capital, with Washington, DC, in April seeing the biggest surge in the number of homes for sale ever recorded, data from Redfin shows.
Active listings of homes for sale in Washington, DC, soared 25.1% year-over-year in the four weeks leading up to April 27, the real estate listings site said on Wednesday.
The firm said it's the largest increase in active housing inventory in the area ever recorded, with its data stretching back to 2015. That's compared to a 14.1% increase in homes for sale nationwide, which Redfin said is the smallest increase since March of last year.
"Quite a few people in DC are selling their homes because they're losing their jobs," Mary Bazargan, a Redfin agent based in the region, said in a note. "Many of those people are planning to leave the area because the cost of living is high and they want a new job that allows them to work remotely and be closer to family."
The Department of Government Efficiency, which has sought to slash $2 trillion in government costs, has not released official figures on the number of federal workers it has cut.
(Excerpt) Read more at msn.com ...
Yes. It was always this way when a new administration came in—at least until Obama whose team never left.
Keep in mind also that almost all govt workers were working remotely. The offices in DC have been closed for years. Most of the fired/retired workers didn’t live in the DC area anymore so they are the ones selling.
“ The houses are selling in a few days and over asking price.”
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Truth. And that has been very surprising to me.
“Well maybe some of those homes should be claimed by the city for low-cost housing. That’s what a good Lib would do.....”
I don’t think some is enough. Every single one should be purchased by BlackRock and turned into DEI housing.
They need to reap what they sowed
No sane person wants to live there, the prices are crazy as are the locals.
Exactly
I actually just saw this yesterday but D.C. has a pretty high murder rate.
https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_violent_crime_rate
Market Insider’s headline should have been: “Trump Policies Ease DC Housing Crisis”.
This is probably a first.
The federal government is fairly immune to recessions and even in bad times, when the market goes down, DC has a solid housing market because of the massive number of federal employees, government contractors, etc.
Greater DC housing prices have fallen 4.6% in the last week alone, this during a period when prices usually seasonally rise.
The illegal imigrants are fleeing plenty of flips on the market.
Soros to the rescue!
We can only hope so, as I’m in NoVA. I’m cautiously optimistic that Trump/Patel/Bondi/Bongino will further expose the abuse of US taxpayers.
I’m pretty sure they’ll uncover foreign interference in our elections, which should further erode support for the Democrat party.
I’m also sure most of us FReepers want to see RICO charges against many leftist scum.
DC hit a record high murder rate and carjacking rate in 2023. I’m two counties away from DC (Fairfax County), and wouldn’t dare even visit DC during the day, much less the night.
What county are you in? I’m in Fairfax.
“It will be interesting to see what happens to local banks holding those mortgages. “Assets marked to market” and all that.”
The bookkeeping liability is based on the loan value.
It is not an asset marked to market.
“Not really. The houses are selling in a few days and over asking price.”
Zillow:
53% are selling below listing.
27% are selling above listing.
31 days on average to PENDING.
Yeah. Big time.
I’d like a nice rural property in Virginia. What can I get for 400 k
If the property value drops below the value of the loan, the bank is at risk of failing to recover the funds by foreclosure. So, are you telling me that banks don't have to reduce their loan portfolios NS adjust their book value when property values drop?
Not sure what area their statistics are citing, but it does not hold true in many areas. If it were true, I would be worried and I am not.
Also, interest rates ate still high so the market is softer over all.
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