BUSINESS
12/06/2008 05:12 am ET Updated May 25, 2011

Republicans Vacating Washington Have To Sell Homes In Terrible Market

Democrats, don't put away the celebratory booze just yet. One of the world's greatest opportunities for schadenfreude is about to present itself, as an exiting army of Republican foot-soldiers tries to sell its Washington-area homes in the worst housing bust since the Great Depression.

Think about it: Many of today's exiting Republican-appointed officials in Washington arrived near the height of the housing bubble, particularly those who came after George W. Bush was re-elected in 2004. Then, it must have seemed as if Republicans had a permanent stranglehold on Washington, and thus it must have also seemed like the appropriate time for conservative migrants to the capital to settle down and buy a home.

Many of these Republican officials nested in northern Virginia, a corner of what had long been a reliable red state. And what a time to buy in northern Virginia it was.

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