Oil spill may cause homes to lose up to $56,000 on value

Posted on August 2nd, 2010 No Comments

The Gulf of Mexico oil spill may cause homes on the coast to lose up to $56,000 in value.

Areas that will see the largest declines are Gulfport, Mississippi followed by Mobile, Alabama and Pensacola, Florida. According to information collected from the real estate data company, these areas could lose up $3 billion in the next five years.

Economists have said that it does not matter if the oil actually hits the area because a disaster scares people enough to stay away. Along the coast, more than 600,000 properties may be affected by the drop in value.

If you or a loved one has suffered financially after the oil spill, contact the Oil spill house damage lawyers of Williams Kherkher by calling 800-821-1544.

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