Thursday, Mar 20, 2008
Bernanke feeling the crunch
Bloomberg: Bernanke's Own Home on Capitol Hill Shows Housing Boom and Bust
The U.S. housing recession has arrived literally on the doorstep of Federal Reserve Chairman Ben S. Bernanke.
Bernanke lives in Washington's Capitol Hill area in a four- bedroom, 2,600-square-foot house he bought new in May 2004 for $839,000. Almost four years later, it may not be worth any more, according to real estate records and local agents.
Bernanke's timing wasn't the best -- values in the area peaked a year later -- and he is hardly alone among Americans living in an investment that's turned cold. His situation shows that the slump that began with distress in the subprime market is now engulfing wealthier neighborhoods, including some in the nation's capital.
Posted by john kane @ 11:03 AM (180 views) Add Comment
1 Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Bearfacts said...
SO the chairman of the Fed lives in a house which is worth about $800,000 in Americas capital city - note the house is 2,600 sq ft. I wonder wht you can get for $800,000 or £400,000 in UKs capital city ?! A studio flat maybe at 400sq ft. Yet another illustration ( if one were needed) of how ludicrously overvalued the UK market is even compared to the now crashing US market.