Isn't this guy supposed to be smarter than you and I?
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.
The Geithners paid a premium for the house when they bought it in 2004, plunking down $1.601 million after a bidding war. The "exquisitely renovated" home was originally built in 1931, according to a listing for the 0.2 acre property.
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.
But it's unlikely that even such a steep rent will be enough to cover the mortgage, in addition to the $27,000 in annual property taxes. Of course, no one should feel too badly about watching Geithner take a loss. As Treasury Secretary he's earning $191,300.
Even Tim Geithner can't sell his house
For some reason I found this really funny. Add one more to the list of people who didn't see the bousing bubble for what it really was. Ahhhh, isn't this guy supposed to be smarter than you and I? I guess not. No wonder he's trying to prop up housing prices :).