Tips from your Treasury Secretary: Can't sell -- just rent it!

Treasury Secretary Timothy Geithner's home in Westchester CountyTimothy Geithner is obviously a very busy man. In addition to reassuring the Chinese that they have nothing to worry about the U.S. economy, he's also trying to sell his home in Westchester County, N.Y., pictured at right.

But it looks like he may have given up on the latter, at least for now.

The Associated Press is reporting that Geithner, having failed to sell his home -- even after a slight price reduction -- is renting his former home out for $7,500 a month.

Many high-profile sellers have been opting to rent their homes out, including Jim Belushi, while others like Shaquille O'Neal have had to reduce their home prices by 20 percent or more.

Experts in Westchester say Geithner is probably losing money on the deal, as he has two mortgages worth $1.25 million and annual property taxes of more than $27,000. has a list of the 10 biggest price drops in recent real estate, including Leona Helmsley's estate.

With home prices down about 30% nationwide year over year, more and more sellers are likely to take their homes off the market if they don't quickly find a buyer.

The luckier ones will find a tenant who will pay enough to at least cover the taxes and the interest payments.

Brett Widness is an editor with AOL's real estate channel. Find homes for sale, foreclosures, home values, home finance and apartments at AOL Real Estate.
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