… even Fed Chairman Bernake’s house has lost a lot of its value. According to Bloomberg:
March 20 (Bloomberg) — The U.S. housing recession has arrived literally on the doorstep of Federal Reserve Chairman Ben S. Bernanke.
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. Almost four years later, it may not be worth any more, according to real estate records and local agents.
Bernanke’s timing wasn’t the best — values in the area peaked a year later — and he is hardly alone among Americans living in an investment that’s turned cold.
I’m sure he’ll be just fine, but it’s apparent that everyone is affected by this.