Geithner caught in housing slowdown
NEW YORK - The real estate market's troubles are hitting close to home for Treasury Secretary Timothy Geithner.
After reducing the price on his house in a tony New York City suburb to less than he paid, Geithner still couldn't sell and recently rented it out instead, according to real estate agents familiar with the deal.
Geithner put his five-bedroom home on the market for $1.635 million in February, after heading to Washington for his job as the nation's top economic official.
A few weeks after the asking price was dropped to $1.575 million, the home was rented for $7,500 a month on May 21, said the agents, who weren't directly involved with the rental.
Although $7,500 might seem like a lot, it probably falls a bit short of the monthly mortgage payments on the Geithners' two loans totaling $1.25 million, plus $27,000 a year in property taxes.