As if Barack Obama didn't have enough to worry about, his well-appointed presidential home in the heart of Washington DC is apparently slipping in value thanks to America's dismal economy and lacklustre property market.

The on-line property database Zillow reckons the value of the White House has fallen by 5.1% since Obama took office a year ago. It estimates that a fair asking price for 1,600 Pennsylvania Avenue NW this month is $292m, compared to $308m in January 2008.

The good news is that the decline is slowing. In the final year of president Bush's tenure, Zillow reckons the building's value dropped by 7.2% as the credit crunch began to bite.

These calculations are based on a 3.6% drop in average Washington DC property prices during 2009, adjusted for the White House's somewhat unique specifications - 132 rooms, 55,000 square feet, 16 guest rooms, 28 fireplaces and an underground bunker.

Built in 1792, the original cost of constructing the White House was apparently $232,371. So despite this little economic hiccup, it's still enjoyed a decent appreciation in value over the course of 218 years.

Article from: www.guardian.co.uk