CNBC: White House not immune to real estate slump: Value of 1600 Avenue dropped by 15.6M

Original Post:  http://www.cnbc.com/id/34956652/

It just goes to show you, not even the president is immune to the real-estate slump.

Source: Zillow.com MUST SEE! 16-bed, 35-bath home with breath-taking views of park and Treasury. Includes underground bunker, lawn big enough to land a helicopter on, and more.

As analysts slice, dice, mince and wedge the president's first year in office, Zillow.com decided to take a look at his property's performance, and found that the value of 1600 Pennsylvania Avenue has dropped by $15.6 million, or 5.1 percent in the past year.

The 132-room, 55,000-square foot home, which includes an underground bunker, was recently valued at $292.5 million, down from $308.1 million a year ago and $331.8 million in 2008, Zillow reports. (View the Zillow listing.)

That's despite improvements the Obamas made in the past year, such as adding a vegetable garden and a fancy swing set — not to mention all thecelebrities who've graced its halls, including Microsoft [MSFT  30.60     -0.50  (-1.61%)   ] chief Bill Gates, Goldman Sachs [GS  167.79     0.93  (+0.56%)   ]honcho Lloyd "I'm doing God's work" Blankfein, and her O-ness, Oprah Winfrey.

Now before you go blaming Obama's health-care reform plan or his crackdown on Wall Street bonuses for the declining value, consider that the Zillow home-value index, which measures the value of homes across the nation, was also down 5 percent in the past year.

And, it's an improvement from when the home's value dropped more than 7 percent during the prior year—while a certain Texan with very different politics resided there.

Still, it's tough to cope with declining real-estate values. Do you think Obama's contacted his bank about refinancing?!

Posted via email from LJJ Speaks!