White House Real Estate Value Drops

Think the value of your house has dropped this year? Take a look at the White House. The value of 1600 Pennsylvania Avenue has dropped nearly $80 million from its $331.5 million value at the peak of the housing boom to today's $253.1 million, reported the Los Angeles Times. A year ago, the President's home was worth $292.5 million, according to WalletPop.

Nor is the president's home alone in that slump, despite the many, small improvements President Obama made to the property when he moved into the Oval Office.

Many luxury homes in "the Washington Metropolitan area [are] going the way of the White House," local agent Gretchen Koitz, of the Koitz Group with Coldwell Banker Residential Properties, told AOL Real Estate.