Florida Virtual Houses

Even the Treasury Secretary Can’t Sell His Home

June 3rd, 2009

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.

Entry Filed under: News