Reply to There is no housing bubble in the DC area so get over it

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[quote=Anonymous]Anonymous wrote:
http://blog.redfin.com/blog/2013/04/the-2013-real-estate-bubble.html

Sorry, but, yeah...this is a mini-bubble.

22,000 lost gov't and gov't contractor jobs (read: high paying) slated to be replaced by construction and service industry jobs (read: low paying) does not a successful local economy make.

Sorry, but DC's boom over the past decade is over. Budgets are flat, if not being cut, and to those saying "but look, Sequestration hasn't affected jobs here!"...please keep in mind that Sequestration hasn't even occurred yet, be ready to start reading headlines come July (when the cuts are actually scheduled to happen). You'll have extremely upper class, and then lower-middle class jobs...this is evident to anybody who has actually worked at a DC gov't contractor (for instance, my five years spent at Lockheed at various locations in the DMV). All the jobs they are cutting are redundant senior management roles that paid for these ~$400-$500k houses in the 'burbs. Those jobs are declining and you're left with people like me, an analyst whose direct manager was a division VP. Enjoy!

You realize a new fiscal year begins in October, right?

Oh goodness! You know, in my years as a financial analyst at the largest defense contractor in the world I never learned that budgets start in October! Wow...thank you!

Oh wait...I did know that, and you should know that furloughs aren't slated to start until the beginning of 3Q'13. FAA was first (heard about them recently?), IRS is next (89k jobs), then DOD (180k jobs), then the rest of the agencies. Your failure to understand that a growing housing market relies on job GROWTH an not simply job STABILITY is shocking to say the least...[/quote]

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