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SUNDAY, NOVEMBER 22, 2009
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Housing Market Woes Hit Home for Geithner

Treasury secretary can't sell, stuck renting out his NY home

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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.

This March 9, 2009 file photo shows the home of Treasury Secretary Timothy Geithner in Larchmont, NY.
This March 9, 2009 file photo shows the home of Treasury Secretary Timothy Geithner in Larchmont, NY.   (AP Photo/Stephen Chernin)
Treasury Secretary Tim Geithner participates in a question and answer session with Newsweek editor Jon Meacham Monday, May 18, 2009, in Washington.
Treasury Secretary Tim Geithner participates in a question and answer session with Newsweek editor Jon Meacham Monday, May 18, 2009, in Washington.   (AP Photo/Haraz N. Ghanbari)
Treasury Secretary Tim Geithner participates in a question and answer session with Newsweek editor Jon Meacham on the topic of
Treasury Secretary Tim Geithner participates in a question and answer session with Newsweek editor Jon Meacham on the topic of "Recession and Recovery: The Road Ahead," Monday, May 18, 2009.   (AP Photo/Haraz N. Ghanbari)
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2 comments
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NewserHound
Jun 3, 09 10:47 AM CDT
HaHa Good... Now he knows what is happening to the rest of us. Reply
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IN RESPONSE:
Robert_Dada
Jun 3, 09 4:08 PM CDT
Somehow I don't think his plight equates to the common person.
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