Posted on 03/20/2008 7:34:49 PM PDT by dollarbull
Say it isn't so: The Fed chairman, rapidly losing home equity in the housing bust? Bloomberg News reports Fed Chairman Ben Bernanke's Capitol Hill home is slipping in value and may soon be worth less than he paid for it. An economist quoted by Bloomberg estimates Bernanke's house has lost $260,000 in value. "Bernanke [pictured] 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. More: "'Even though he's the Fed chairman, he's going to get hit -- but I think lot of people will in Washington,' said William Wheaton, an economist at the Massachusetts Institute of Technology. The value of Bernanke's home 'probably went up to $1.1 million and it's probably back down to $840,000,' because prices in Washington just a couple years ago 'got out of control,' Wheaton said."
(Excerpt) Read more at latimesblogs.latimes.com ...
Awww..
Good grief. He’s only “hit” if he has to sell now. What breathless reporting.
Excellent point.
Well, he should put the blame where it belongs... GREENSPAN.
So what? Just the L.A. Times trying to make Bush’s choice of a Fed Head look bad. His house hasn’t lost any value. Nobody can say that he bought on speculation of selling at a profit. Nobody says he bought into a sub par loan. And I’m sure the LA Times can find many democrats whose houses in D.C. are not gaining in value.
My house has 100 square feet more than Bernanke’s.
lol I never would have imagined. Surely it isn’t his primary residence.
Your BS headline is, well, BS.
PS: Mods, cleanup on aisle #4
I am waiting in the wings. Snap it up when it hits rock bottom ...
Actually, the correct answer would be government interference in home production and finance (including the mortgage interest deduction).
I wonder if his mortgage ended up in one of the bear stearns hedge funds?
Actually, the correct answer would be government interference in home production and finance (including the mortgage interest deduction).
It was all the ultra low interest rate cuts that created the massive over purchasing of vastly overpriced real estate.
what’s the correct title then genius? It’s a blog
People (especially elected officials) were supposed to show up for awhile, take care of Constitutionally-authorized business, then go home.
Anybody who would buy a home for $800,000 in a place intended to be a tent village is at least a fool and probably a leech.
Not only that, but two other states gave up land to form this supposedly non political piece of land, yet DC wants statehood.
If anything, rather than statehood, the land should revert back to the other two states they came from and just remap DC as being in the middle of two states.
Mines bigger.
Mine is twice the size of his and comes with 40 acres and a fourth of the price.
YOU do the math, genius. For a hint, $840K is MORE than $839K, not LESS, even though even THAT was BS speculation in your BS article, decorated with your stupid BS “headline”.
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