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Don’t feel so bad, even the nation’s top economic czar is underwater on his home.
The Associated Press is reporting that Treasury Secretary Timothy Geithner has decided to rent out his suburban New York City house after failing to sell it.
Geithner put his home on the market after moving to Washington in February, the news agency said. The house is five-bedroom Tudor near the suburb of Larchmont, NY. He originally listed it at $1.635 million but knocked $60,000 of the asking price a few week later. Geithner paid $1.6 million for it in 2004.
The home was rented for $7,500 a month on May 21, according to the AP report, which notes that Geithner, 47, is probably losing money servicing a $1.25 million loan and $27,000 a year in property taxes.
Just another victim of the housing bust.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.