Few know better than former Treasury Secretary Henry Paulson how the struggling US economy has battered home prices.
As President Bush’s top economic adviser, Paulson played a lead role battling the US housing downturn and deep financial crisis it sparked.
But last week it got personal.
Paulson sold his three-bedroom home in a tony Washington neighborhood last week for close to a third less than his initial asking price and more than $1 million below what he paid for it more than four years ago.
The villa-style home near the official vice president’s mansion and the National Cathedral sold for $3.25 million on Dec. 21. Paulson put it on the market for $4.6 million in April, later lowering the asking price to $4.15 million, according to real estate industry records. He paid $4.3 million in August 2006, according to government records.