Even Tim Geithner is Getting Crushed in this Housing Market

Tim Geithner…Out on the town it appears

First, we learned that Ben Bernanke’s childhood home went into foreclosure (no Mom and Pop Bernanke were not the current owners), and now the AP’s reporting that Tim Geithner’s New York home is also suffering through the usual downturn tribulations.

Back in February, Geithner listed his home—in Larchmont New York outside of Manhattan—for $1.635 million.  The listing went through an initial price drop, then in late May, it was rented out for $7,500 a month. Not too shabby, right? Well, it turns out “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,” according to the A.P.’s story.

So that, and he’s got the toughest job in the world.

Image by Jay Tamboli, Flickr Creative Commons

Tags: A.P., Ben Bernanke, Larchmont, Tim Geithner