Tim Geithner Just Like You and Me
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The market reality hit home, well, it hit Treasury Secretary Tim Geithner’s home.
After trying to sell his multi-million dollar English tudor in a post New York suburb, Secretary Geithner is throwing in the towell. Geithner bought the 5-bedroom tudor for 1.601 million dollars after a bidding war helped drive up the price. He originally tried to recoup his investment, but after seeing very little action the price was dropped to a “very affordable” 1.575 million. Still no takers.
Just like many other frustrated sellers, Secretary Geithner took his home off the market and offered it up as a rental. Honestly, I’m very happy to see the savvy, though emotionally difficult, decision. Perhaps it bodes well for our nation’s economy that our Treasury Secretary was able to make the difficult decision to not throw good money after bad. The rental move, in this case, was the right one.
Hopefully having the economy’s woes hit so close to home will super-motivate the man to work on the national housing market.
http://money.cnn.com/2009/06/03/real_estate/Geithner_housing_market/index.htm?postversion=2009060411
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