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Treasury Secretary Can't Sell House, Decides to Rent It

  • June 5th 2009

by Mark Wellborn

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Treasury Secretary Can't Sell House, Decides to Rent It: Figure 1

Even Tim Geithner is not immune from the struggles of the housing market. Numerous news outlets are reporting that the Treasury Secretary has been unable to find a buyer for his five-bedroom home in the New York City suburb of Larchmont, NY.

Because of the troubles he has faced finding a buyer, Geithner is now renting the home for $7,500 a month, according to the Associated Press.

The AP also reported that Geithner reduced the price on the home to $1.575 million shortly before taking it off the market. That price is $25,000 less than what he and his wife paid for the home in 2004, and $60,000 less than what he listed it for in February.

So, if you are trying to sell your home, but are having problems, don’t feel that bad. Even the experts are having problems.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/treasury_secretary_cant_sell_house_decides_to_rent_it/996.

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