Gulf oil spill may be the final straw for struggling property owners

Posted on June 6th, 2010 No Comments

According to estimates released this week by Housing Projector, coastal property values in Louisiana and Mississippi may erode by 30% due to the massive oil spill in the Gulf of Mexico. The oil spill is only 42 miles off of the Louisiana coast, an area that is still struggling to rebuild following Hurricane Katrina. Housing analysts believe that the projected losses may send tens of thousands of homes into foreclosure.

In addition to historic rates of foreclosure among coastal property owners, tourism and vacation-home rentals are expected to see a precipitous drop due to the disaster in the Gulf. Property values along the coastline have  already seen a 65% decline in values since the peak of the housing boom, and the predicted erosion from the oil spill will further jeopardize property owners in this area.

The oil spill attorneys of Williams Hart are here to help you with your property damage claims. Contact an experienced lawyer at 800-821-1544 to discuss your legal options today.

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