The Crisis Hits Home for Bernanke

Looks as though the housing downturn may have cost Ben Bernanke more than $250,000 in home equity. "Bernanke 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," Bloomberg reports. Despite a likely run-up in value before the housing bubble burst, Bloomberg adds, "almost four years later, it may not be worth any more, according to real estate records and local agents."

From Bloomberg:

"Even though he's the Fed chairman, he's going to get hit—but I think [a] 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.

Full story here.

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