Treasury Secretary Timothy Geithner is tasked with working to end the recession, but he's also facing a major financial hurdle of his own -- like many other Americans in today's sluggish housing market, he's juggling a mortgage on a home that he can't sell. Or at the very least, he's stuck with a house that he can't afford to sell at today's depressed real estate prices.
According to published reports, Geithner -- who purchased his tony Manhattan suburb home for $1.601 million in 2004, first listed his five-bedroom Tudor-style house in Mamaroneck, N.Y., for $1.635 million in February and later dropped his asking price to $1.575 million, CNNMoney.com says.
The Geithners have a Larchmont, N.Y., mailing address. In Larchmont, the median estimated home value is approximately $1 million, according to Cyberhomes data.
He's now renting out the home for $7,500 a month, but the rent is not enough to cover his two mortgages totally $1.25 million, and his $27,000 a year in property taxes, the Associated Press says. But perhaps if he's able to wait out the market long enough, he'll be able to recoup his losses with a higher seller price when housing prices finally bounce back.
—Lauren Baier Kim