White House value drops by $80 million

Plummeting home values resulting from the national economic crisis has been felt in every section of the country, even the White House, reported Zillow.com.

An assessment of the First Family's home priced the mansion at $251,617,000, almost 25 percent less than the $331.5 million it was worth during the peak of the housing boom. The website, which began tracking the value of the White House as a way of celebrating the historic inauguration of President Barack Obama, calculated that it was worth about $308,058,000 in January 2009.

Real estate agent Gretchen Koltz told AOL News that the price fluctuation of the White House is indicative of the luxury market in Washington, D.C., as many people who are interested in moving into the area are looking for less expensive homes.

However, Washington, D.C. homeowners need not fear, as the area is expected to experience an economic boost in 2011. Home values, which already increased by 5.3 percent in 2010, are expected to shoot up by an additional 6.5 percent this year, according to a Clear Capital report.
 

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