Reply to Is the dc re market shifting?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Checked a few Nova listings today, and was surprised to see one back on the market after being under contract for two weeks. Two others had dropped their prices by $50K. [/quote]

Why are you surprised?! You all must be delusional. There are mass layoffs and job loss in the region. There is no way this doesn’t massively affect the housing market. It’s likely someone who was under contract either got spooked, lost their job, or might lose their job.

I feel bad for a lot of DMV residents because for years the story line was that this area is recession proof and real estate can only go up. Well now we are experiencing massive changes to the federal government and fewer government employees in the region.

[b]Housing prices will likely drop 20-30% in the region.[/b] [/quote]

People have been saying that on this board since it came into existence, and it's never happened. Never will happen, either. [/quote]

Yes, it did -- from 2006 to 2009:

https://fred.stlouisfed.org/series/ATNHPIUS47894Q[/quote]

Close in DMV didn’t drop that much, but the reality is that home prices have never dropped very much without a huge financial crisis combined with a recession.

People forget the S&L crisis in the late 1980s fueled a big real estate bubble in CA and TX (and somewhat in DC) which then burst and combined with the early 90s recession caused home prices to decline as well as many bank failures.

Same and of course worse with the 2007/08 financial crisis.

The only other examples are places like Youngstown, OH where the population declined by like 40% over a 50 year period.

Now, if you believe the nuts tariff and other policies will cause a financial crisis…you may be correct, though banks are very well capitalized these days.[/quote]

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