Members: 113,050 - 2,292 Online Now
 
Bloomberg News this morning reports that Federal Reserve Chairman, Ben S. Bernacke bought a home in the Washington, D.C. area for $839,000 in May of 04.  His home is 4 BR's and 2600 sq ft.

``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.

The thing is if he selling now he will not make the profit that he would have made had he sold in 06.  If he is staying put and will remain in the home for a few more years the price will again start to rise.  The increases were hugh and now the drop.  But this is his home not just an investment to be sold. 

From Bloomberg, Bernankes Own Home.

 

    

 

7 Comments on Even Ben Bernake Isn't Exempt!

Hi Miriam,

It really doesn't matter who or where you are, you are going to be affected.  Have a great weekend and a Happy Easter.  Michael A. Caruso

03/21/2008 06:20 AM by Michael Caruso Real Estate Group

Miriam, sure, everyone can be affected.  The market and the house does not know who lives there.  The money he lost is just on paper.

03/21/2008 06:27 AM by Brian Block -- Northern Virginia & D.C. Real Estate (RE/MAX Allegiance)

Miriam,

Yup everyone is going to feel this market swing, lets just hope property values don't get stagnate for a couple decades, I need to retire one day.

Take care!

RJH

03/21/2008 06:29 AM by Empire Realty

Miriam,

One can understand severe price fluctuations in a previously arificially inflated market. However, here in Coweta County GA, we are seeing NEW houses selling for 70% of actual COST OF CONSTRUCTION!!! Amazing.

03/21/2008 06:35 AM by Coweta Fayette Real Estate, Inc. ERA United Realty

Morning Miriam,

Like with the stock market, downward home values only have a paper effect until you transact. Even during the "Down" market state it could be beneficial to transact. Selling at a lower price, or at a loss, to buy low will, in most cases, prove to be  profitable in the future.

03/21/2008 06:42 AM by Harold (Hal) Place (A1 Connection Realty, Inc.)

Maybe he can bail himself out !!! I am sure somebody that he has helped will help him

03/21/2008 07:11 AM by Charlie Ragonesi Big Canoe homes, Jasper ,Ball Ground,Benttree,Dahlonega (All Mountain Realty)

Glad to see he is not immune although I am sure he doesn't have a subprime mortgage!

03/21/2008 07:20 AM by Gary Waters - Real Estate Agent Viera Suntree (Century 21 Baytree Realty www.moving2brevard.com)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Miriam Bernstein,Westchester County Real Estate (RE/MAX Prime Properties)
Miriam Bernstein,Westchester County Real Estate
Scarsdale, NY
More about me…
RE/MAX Prime Properties

Office Phone: (914) 723-1212 Ext.: 838
Cell Phone: (914) 907-1922
Email Me
News, thoughts, about Real Estate, communities, schools, political and any other interesting Information about Westchester County, New York. visitor stats


Links

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find NY real estate agents and Scarsdale real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved