Pathfinder
Editor, Senior Moderator
Oil spill could drag down Gulf home prices by $3 billion
By Les Christie, staff writerAugust 2, 2010: 2:17 PM ET
NEW YORK (CNNMoney.com) -- The BP oil spill in the Gulf could cost homeowners $68 million in lost property value over the next year -- and up to $3 billion in the next five years, according to a report released Monday.
There are more than 71,000 homes impacted, primarily in the Panhandle region of Florida plus Alabama and Mississippi, according to the report by real estate data provider CoreLogic. Gulfport. Miss., beachfront homes are expected to be hit the hardest, with an average loss per home of $56,000, followed by Mobile, Ala., ($45,000) and Pensacola, Fla. ($40,000).
Overall, the Pensacola area is expected to absorb the largest amount of the lost home value ($1.6 billion), with the Gulfport, Miss., coming in second ($1.2 billion).
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Read more:
http://money.cnn.com/2010/08/02/real_estate/spill_impact_on_prices/
By Les Christie, staff writerAugust 2, 2010: 2:17 PM ET
NEW YORK (CNNMoney.com) -- The BP oil spill in the Gulf could cost homeowners $68 million in lost property value over the next year -- and up to $3 billion in the next five years, according to a report released Monday.
There are more than 71,000 homes impacted, primarily in the Panhandle region of Florida plus Alabama and Mississippi, according to the report by real estate data provider CoreLogic. Gulfport. Miss., beachfront homes are expected to be hit the hardest, with an average loss per home of $56,000, followed by Mobile, Ala., ($45,000) and Pensacola, Fla. ($40,000).
Overall, the Pensacola area is expected to absorb the largest amount of the lost home value ($1.6 billion), with the Gulfport, Miss., coming in second ($1.2 billion).
...
Read more:
http://money.cnn.com/2010/08/02/real_estate/spill_impact_on_prices/