Bernanke's Home Is Case in Slump's Point

Fed chief's DC digs worth about the same as in 2004
By Matt Cantor,  Newser Staff
Posted Mar 20, 2008 12:51 PM CDT
Bernanke's Home Is Case in Slump's Point
President Bush poses for cameras at the conclusion of his meeting with the President's Working Group on Financial Markets, Monday, March 17, 2008. Fed Chairman Ben Bernanke is at right.   (AP Photo/Gerald Herbert)

Federal Reserve boss Ben Bernanke’s own home illustrates the very crisis his organization must fight—in the midst of a national housing slump, it’s worth roughly the same as when he bought it in 2004, Bloomberg reports. Values peaked just after that; the fact that his Capitol Hill pad is still worth about $839,000 suggests the downturn is reaching the country’s richest neighborhoods.

“Even though he's the Fed chairman, he's going to get hit—but I think a lot of people will in Washington,” says an economist. The median price on Capitol Hill dropped $5,000 from 2006 to 2007, but values haven’t collapsed as in many areas, says a real-estate agent. Bernanke’s house remains nothing to scoff at, worth four times as much as the median DC abode. (More Ben Bernanke stories.)

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