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."