Treading Under Water with Treasury Secretary Geithner

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Apparently, even Secretaries of the Treasury can get the housing blues.

The Associated Press reports that Timothy Geithner has been unable to sell his five-bedroom house in Mamaroneck, N.Y. (just outside of Larchmont), even after lowering the asking price to $1.575 million. Geithner and his wife purchased the house in 2004 for $1.602 million.

As of a few weeks ago, they reportedly have been able to rent the house out for $7,500 a month.

The $7,500 might not cover the Geithner’s monthly payments on loans adding up to $1.25 million or the required annual $27,000 in property taxes on the Geithner’s former home.

But the $7,500 may go a long way toward covering the Geithner’s new housing expenses in the Washington, D.C. area. The couple, the A.P. report indicates, has decided to rent.