Real Estate

Housing Crisis Hits Geithner's Home

Treasury Secretary Timothy Geithner has a very personal incentive to fix the housing crisis: His mansion won't sell. After scoring his new Washington job, Geithner put his old house—a five-bedroom Tudor located in New York City's tony Larchmont suburb—up for sale for $1.635 million, the Associated Press reports. After a few weeks, the price dropped to $1.575 million (less than the $1.602 million he paid for it), and finally, on May 21 the place was rented for $7,500 per month. The rent might sound expensive, but it's probably not enough to cover mortgage payments on Geithner's two loans, which total $1.25 million, plus the $27,000 he shells out in yearly property taxes.