Two topics tend to dominate dinner discussions in Washington: politics and real estate. Both are in a period of change and uncertainty.

The good news on the real estate front is that the nation’s capital has been spared some of the severe disruptions that have occurred in other parts of the country. The strength of the real estate market almost always tracks the strength of the job market, and Washington, D.C., is fortunate to have a stable employment base.

That’s not to say we’re immune to problems related to the economic downturn. The real estate outlook varies widely across the greater Washington area. After several years of dramatically increasing property values, some neighborhoods have suffered double-digit-percentage declines. Others have held their value or have experienced relatively modest price declines.