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First, we learned that Ben Bernanke‘s childhood home went into foreclosure (no Mom and Pop Bernanke were not the current owners). Then, the AP wrote about Tim Geithner‘s New York home, which is currently being rented at a rate likely too low to cover mortgage payments.
And now the Wall Street Journal is reporting Federal Deposit Insurance Corp. Chair Sheila Bair is suffering through this housing market as well. Her home in Amherst Massachusetts—-where she was once a professor—-was listed and then pulled off the market.
After listing the five-bedroom property in April, the couple cut the price to $745,000 less than three weeks later, then reduced it again before withdrawing the listing. Ms. Bair’s real-estate agent, Stephen Feldman, of Prudential Sawicki Real Estate, declined comment. An FDIC spokesman said Ms. Bair decided to remove the listing and wait for the market to improve on the advice of her real-estate agent. The family will continue to lease the house to its tenants. Ms. Bair and her family currently rent a house in Maryland.
Interesting that all these stories are about administration officials in finance/economy-related positions.
Image by Wikipedia Commons