ENGLEWOOD CLIFFS, N.J., January 9, 2008---Each Presidential candidate is hoping for a change of address next January...to the White House. But, as the nation continues to face a housing crisis, CNBC, First in Business Worldwide, today examines where the Presidential hopefuls currently live and the value of their houses. The report, which will first air on CNBC's "Street Signs," (2-3 PM ET), is part of a day-long special "Home Front" series.
CNBC Washington-based housing reporter Diana Olick reports that after living rent-free in the White House as first lady for eight years, Democratic candidate Senator Hillary Rodham Clinton paid $1.7 million for a home in the tony Westchester community of Chappaqua, N.Y. The average price there now is $1.13 million. But over the past nine months, prices in Chappaqua are down 2.8%.
Democratic candidate Senator Barack Obama is doing a little better, Olick reports. He paid $1.65 million in 2005 for his home on Chicago's South Side. The average home value there is not even close to his; it's just $310,000. Prices there are still up, but just barely at 1%. Of course, Senator Obama bought at the top of the market.
Democratic candidate former Senator John Edwards purchased his place in Chapel Hill, N.C. just a year ago for $6 million. It's the most expensive house in the county, which averages just $365,000. And with prices there up 4.1%, he's already made $225,000.
On the Republican side, former New York City Mayor Rudy Giuliani paid $5.25 million for a nine-room co-op on the Upper East Side of Manhattan. The average price there is $1.5 million and the median price of an apartment in New York City is still climbing up, 14% from a year ago.
Former Massachusetts Governor Mitt Romney has several homes, but home base is just outside Boston in Belmont, Mass., where he paid $1.7 million. The median home price there is $680,000, which is down 9% from a year ago.
Senator John McCain lives in a gated condo community in Phoenix, AZ. where he paid $3 million. The average price in Phoenix is $428,000, and prices there are falling, down 1.6% in the last nine months.
Olick cited Cyberhomes, a subsidiary of Fidelity National Financial as source for the statistics.
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