But the real story is found in Washington, D.C.’s unemployment rate. At 9.4%, it’s a bit higher than the national unemployment rate of 9.1%. But the D.C. unemployment rate is much healthier than rates in states like Nevada (12.1%), California (11.7%) and Rhode Island (10.9%). Federal government jobs are fairly stable, and Washington is loaded with federal workers – that has helped keep the city’s employment numbers relatively healthy.
Another key indicator is foreclosures – or the lack of them. In April 2011, D.C. saw only 28 foreclosures. Part of that stems from a local law placing a moratorium on home foreclosures until homeowner/lender mediation rules can be put into place. But D.C. has never really been a hotbed for foreclosures, at least in comparison to the rest of the country.
Miller adds that the one-year anniversary of the expiration of the new home tax credit, which shut down in May 2010, is another big reason for the boost in home sales activity. The end of the tax credit really crimped sales in 2010, and the one-year time period that has elapsed has healed the market, he says.
All in all, the housing market in Washington, D.C., has proven immune to the collapse across the rest of the country – and the rest of the country can only look on in envy.
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