Housing slump really hits home for ex-Citi chief

Housing slump really hits home for ex-Citi chief


NEW YORK – FORMER Citigroup chief executive Charles Prince lost his job because of the housing slump. Now he is having a hard time selling his home.


His five-bedroom, Tudor-style house in Greenwich, Connecticut, has been on the market for six months. He has cut the price by US$300,000 (S$410,850) to US$5.85 million, according to the property listing.


‘There is no firewall around these sorts of communities that insulates them from what is going on in the housing market,’ said Professor Nicolas Retsinas at Harvard University’s Joint Centre for Housing Studies.


Mr Prince and his real estate broker did not reply to telephone or e-mailed messages requesting comment.


He listed his home in January, two months after he left Citigroup. It posted US$5.9 billion in mortgage-related write-downs and losses in the third quarter.


The number of Americans in danger of losing their homes to foreclosure rose to the highest in at least three decades during the first quarter, the Mortgage Bankers Association said.


Source: Straits Times

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