Reply to DC Housing Prices drop beginning

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[quote=Anonymous][quote=Anonymous]This point that people loosing theirs jobs are primarily waiters and bartenders, who are not relevant to the housing market for SFH strikes me as a very sheltered and naive view. What about the people who own the bars and restaurants where the laid off waiters and bartenders used to work? What about professionals who work in the travel and hospitality industries, for example? There are so many people who are impacted by the current crisis. [/quote]

It's helpful to remember that people speak generally and aren't saying no one is immune. I do agree that broadly speaking, the professional and upper middle classes will weather this shutdown/recession pretty well and recover quickly. It doesn't meal there will be no causalities or job losses (Boeing layoffs for example, or restaurant owners going bankrupt), but as a whole the demographics won't be so badly hit. Meanwhile, the service workers will likely take a huge hit through closing of stores and restaurants reduced demand as people become more frugal. A shift to mass teleworking can see office cleaners and low level office service workers lose jobs in large numbers. But it doesn't mean all service workers will lose jobs either.

The hot areas of DC were seeing multiple bids for every house. Let's assume the typical house had 4 interested buyers. It may now be 3 interested buyers instead of 4. Still a lot of interest. [/quote]

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