 | How bad is the housing market? The White House has lost 1/4th its ValueScotty Starnes | January 3, 2011 at 6:00 AM | Tags: devalued homes, housing market, mortgage modification program, Obamanomics, President Obama, real estate, White House | Categories: Uncategorized | URL: http://wp.me/pvnFC-3Ys |
Even the symbolic, and historic, White House is suffering under Obamanomics. Maybe the White House can qualify for Obama's home mortgage modification program?
From the L.A. Times:
The White House is not just an American icon. It also could be called a symbol of the American housing market, because, like many of the country's houses, it's not worth what it was once.
Over the last three years the president's home and home office has lost nearly a quarter of its value. In the last month alone the value dropped almost $4 million. Does any of that sound familiar?
The 132-room mansion — 16 bedrooms and 35 bathrooms on 18 acres in the heart of the nation's capital —was worth $331.5 million at the top of the housing boom, according to Zillow, the online real estate marketplace. But the latest "Zestimate" puts the price tag at a mere $253.1 million. That's a 23.6% decline in value.
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