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Jobless rate hits 9.4 percent in May; layoffs slow Treasury Secretary Timothy Geithner faces sluggish market, rents out NY home
After reducing the price on his house in a tony New York City suburb to less than he paid for it, Geithner still couldn't sell and recently rented it out instead, according to real estate agents familiar with the deal.
Geithner put his five-bedroom Tudor near leafy Larchmont on the market for US$1.635 million in February, after heading to Washington for his job as the nation's top economic official.
A few weeks after the asking price was dropped to $1.575 million, the home was rented for $7,500 a month on May 21.
Although $7,500 might seem like a lot of rent, it probably falls a bit short of the monthly mortgage payments on the Geithners' two loans totalling $1.25 million, plus $27,000 a year in property taxes.
Records show Geithner and his wife, Carole Sonnenfeld Geithner, paid $1.602 million for the home in 2004.
Prices have declined at about the same rate in Geithner's home base of Westchester County, which includes a string of upscale suburbs north of New York City. At $532,000, the median Westchester home price in the first quarter of this year is at a level last seen in 2003, according to the Westchester-Putnam Multiple Listing Service. Sales have been especially slow in the $1 million-plus range, the real estate information service said.
Thai police: Carradine death may be accidental
BANGKOK – Police are speculating that accidental suffocation, not suicide, may have caused the death of American cult actor David Carradine, whose body was found in a hotel closet in the Thai capital with a rope tied to his neck, wrist and genitals.
Dangerous form of sex play known as auto-erotic asphyxiation
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