Oil Spill Killing Home Values

flip_it_fast · #1 08-12-2010, 01:18 AM

This is just aweful. Another aspect of the oil spill. Homes in the Gulf are losing value because of the oil spill. They actually expect home owners in the Gulf to lose $68 million in lost property value over the next year because of the spill and up to $3 billion in five years. Thats horrific.

Quote:

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).
"The loss in these markets could be particularly high," said Mark Fleming, CoreLogic's chief economist.

Thats a real shame. Everyone who lives near the beach is being punished for BP's major mistake. I think BP should pay the difference in the home values from what they were before the spill until now.

flippinout · #2 08-12-2010, 02:43 AM

I agree that BP should have to pay the difference in the price. They have literally wreaked havoc in those states by their carelessness.

It had been said that there was a leak long before it became public knowledge and now the people in those areas are losing their livelihood, profits on home sales, and can no longer make ends meet for their families.

Someone should make BP totally responsible for feeding these families, making sure they can make their mortgage payments and more.

homealone · #3 08-12-2010, 08:36 PM

BP should be responsible for ALL the damages being caused by this oil spill, and as we all know there are a whole lot of damage that has been done, and some yet to come.

This is horrible that people are losing so much on their homes because of this.

I would love to see BP actually take the blame upon themselves and start doing something positive not only for the people in the area but for the animals as well.

Though that will never happen. We the people are going to end up suffering and paying out of pocket for their mistakes as usual!!