Even Tim Geithner is “underwater” on his home
Politics, Bailout News, The Economy, Real Estate June 3rd, 2009
It looks like the housing crash is hitting everybody. CNBC reports that:
Real estate agents say Geithner recently rented out his Westchester County home after it didn’t sell — even though he reduced the price to less than he paid.
Real estate agents say Geithner recently rented out his Westchester County home after it didn’t sell — even though he reduced the price to less than he paid.
Here is how CNNMoney is reporting the news:
NEW YORK (CNNMoney.com) — Treasury Secretary Tim Geithner is struggling to unload his million-dollar manse located in a posh New York City suburb. And like so many other Americans, he’ll probably lose money on it when he does.
Geithner and his wife Carole put their 5-bedroom Tudor-style home in Larchmont, New York on the market for $1.635 million in February, just days after he was tapped by the Obama administration to help lead the nation out of the worst economic crisis in a century.
It’s a familiar story as the housing crisis unfolds across the country. Indeed, after Geithner’s house sat unsold for nearly 3 months, the price dropped to $1.575 million. Still there were no takers, so Geithner listed it as a rental for $7,500 a month, and has since found a tenant.
