Oil Spill's Impact on Gulf Coast Housing Industry

Oil Spill's Impact on Gulf Coast Housing Industry

 The Gulf Coast has seen an incredible increase in population in recent years.

Homes along the path of the Gulf Coast oil leak are forecast to decline at least 30% in value. We have all seen the incredible pictures on the news every night, and we all know they need to "STOP" the leak.

The Lousiana Fishing Industry has been crushed, the tourist industry along the entire Gulf Coast has been impacted. The beautiful white sandy beaches in Florida may be devastated by the toxic BP oil catastrophe, presenting an economic and environmental disaster of epic proportions, devastating an already fragile housing market.

The Gulf Coast has been heavily impacted by the nation’s housing crisis with homes and condominiums along most of the immediate coastline deflating an average of 65% from the markets peak during the real estate boom.

The forecast 30% in additional declines from current levels in housing values is for the immediate vicinity of the current oil leak, including areas of Louisiana and neighboring Mississippi, expected to be heavily impacted by the disaster.

The Gulf Coast is one of the country’s largest second home vacation markets with millions of waterfront condominium units, many of which were built and sold during the boom.

After speaking with several local residents the last week, they are more worried everyday.

Almost every homeowner will be negatively impacted by the BP Oil Spill, which is crippling the economy on the Gulf Coast.