Housing Crunch Hits Geithner At Home

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It looks like Treasury Secretary Tim Geithner is moving out of town for his new gig at precisely the wrong time when it comes to getting rid of his house.

The new Treasury chief paid $1.6 million for his family’s Westchester home, but the New York Post reports local real estate experts are saying he’ll be lucky to break even in this unstable market.

NY Post: “Comparable homes have sold for between $1.3 million to just under $1.6 million in the last few months,” noted one local agent.

Said another agent, “This is a buyers’ market. There are several homes available in that general price range.”

(Photo courtesy of New York Post.)

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