You know when Ted Cruz shares a thread and says wow, not once, not twice, but three times, that the thread in question is worth a read.
Remember when Trump promised he would drain the swamp? About that ...
wow. wow. wow. https://t.co/lGFibxRu4B
— Ted Cruz (@tedcruz) February 15, 2025
And boy, HOWDY, was he right.
Take a look at this:
This is absolutely insane:
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
Since DOGE began discussing mass layoffs, the median home price in Washington DC has FALLEN by -$139,000.
In 30 days, nearly 4,000 homes have been listed for sale in and around Washington DC.
What is happening? Let us explain.
(a thread) pic.twitter.com/rPyp4fFvzN
Grab a snack.
Here's a chart showing median home price in the Washington, DC area.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
In November 2024, the median home in Washington, DC was worth ~$699,000, according to Redfin.
Today, the median home is worth $560,000, marking a -20% drop in ~3 months.
Mass selling is an understatement. pic.twitter.com/g7qJDfZB5D
Gosh, what could have changed?
There are now nearly 8,000 homes for sale in the Washington, DC metro area.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
Nearly HALF of these homes have been listed for sale over the last 30 days.
Since November 2024, nearly 5,000 homes have been listed for sale, well above average.
So, what exactly is happening here? pic.twitter.com/tNTBcLDGls
OOH OOH, WE KNOW!
Year-over-year, home listings in the Washington DC metro area are up ~23%.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
Parts of Virginia are seeing 60%-70%+ jumps in year-over-year listings.
Keep in mind, this is during the winter months in a housing market that has been historically LOW on supply.
Truly insane. pic.twitter.com/mgbeUCeCLG
Fair point. If we see an increase like this in April, that makes sense.
But the winter?
Eh.
Listings accelerated after DOGE's federal employee buyout offer was announced.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
The offer pays employees through September 2025 if they quit, with 5%-10% of employees expected agree.
As of this week, 65,000 federal employees have accepted the buyout offer, per WSJ. pic.twitter.com/S6xVZCdxEe
The average total compensation for a federal employee is $106K.
Today, Fox News reported that 3,600 probationary Health and Human Services employees were laid off by DOGE.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
This is expected to save $600 MILLION in taxpayer dollars annually.
The 65,000 DOGE cuts so far are now saving an estimated ~$38 billion in annual taxpayer dollars. pic.twitter.com/SV3fOprrtN
WOW. Wow. Wow.
As Cruz said.
On day 8 of the formation of @DOGE, the below announcement was made.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
DOGE is reportedly saving the US Government $1 billion PER DAY.
This means DOGE could reduce US deficit spending by 20% in YEAR 1.
More layoffs are coming as workforce reduction has been a primary DOGE goal. pic.twitter.com/Jjsjj5jqtJ
One billion per day.
That's insane.
Here's where it gets even more interesting:
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
There has been a SURGE in new listings in Washington, DC with a listing price of $1,000,000+.
There are now 525 listings of $1+ million and 44 listings worth $5+ million.
This suggests high-profile job exits are rising. pic.twitter.com/WR2bDApWt0
Anyone else sort of pissed off that 'public servants' have homes this expensive in the first place?
Just wait until we see the effects on commercial real estate in Washington, DC.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
DOGE announced plans to eliminate up to TWO-THIRDS of US government office buildings, per WSJ.
Not a single major US government agency is currently occupying even 50% of their office space. pic.twitter.com/8Q6JDF1r5O
If they're not using the space, why the Hell are we paying for them? Makes no sense.
DOGE has specifically noted that Washington, DC federal government buildings are particularly empty.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
On average, they are just 12% occupied.
The Department of Agriculture saw just ~456 of 7,400 employees use their office.
The DC real estate market is just getting started. pic.twitter.com/CzcqUXZHvQ
12% occupied.
If you zoom out further, there are ~15 THOUSAND homes for sale around Washington, DC.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
In fact, there are so many homes for sale in the downtown area that Zillow is grouping 280 homes together.
This is an unprecedented level of selling in a generally "strong" housing market. pic.twitter.com/X3JZkqr0zo
Told you guys ...
We're seeing the swamp drain in real-time, and DOGE is just getting started.
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