Housing Market Woes Hit Home for Geithner

Treasury secretary can't sell, stuck renting out his NY home
By Matt Cantor,  Newser User
Posted Jun 3, 2009 9:57 AM CDT
This March 9, 2009 file photo shows the home of Treasury Secretary Timothy Geithner in Larchmont, NY.    (AP Photo/Stephen Chernin)
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(Newser) – Housing market troubles are getting personal for Tim Geithner, the AP reports. The Treasury secretary bought his five-bedroom suburban New York Tudor for $1.6 million in 2004; after moving to Washington, he tried to sell it for $1.635 million. The price later dropped to $1.575 million, but it still didn’t sell. In May he began renting it out for $7,500 a month—likely less than his mortgage payment.