'Since Donald Trump took office, Elon Musk's Department of Government Efficiency (DOGE) has fired thousands of federal workers in a push to reduce spending.
"In the wake of those layoffs, droves of former federal employees have packed up their bags and put their homes on the market, causing the average listing price to sink, The Kobeissi Letter (TKL) reported.
"In November, the median home in the nation's capital was worth $699,000, according to Redfin.
"By February, the median home value dropped 20 percent, bringing the price down to $560,000."
I had a backup mortgage of $720K while getting my old house sold, so I know that making house payments of this size without at least one extraordinary paycheck (and likely two) would really hurt. Still, how well are these people paid to make a $4000/month mortgage payment?
Perhaps more interesting:
"There has also been a surge in new listings of homes over $1 million. According to TKL, there are 525 listings worth $1 million and 44 listings worth $5 million, suggesting DOGE layoffs could affect people in high-profile jobs."
Who are these people? Government employees or NGO employees who realize the game is over?
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