Since April 20th, 2010 and Still Flowing! BP Oil Spill's Impact on Real Estate Industry!
I was surfing the net today and I came upon a Blog post on Relocation.com that reminded me of just how long the BP oil spill has been going strong!! April 20th, 2010 an oil rig exploded in the Gulf of Mexico, and thus far no containment method has worked!!! What??? Heads should be rolling at this point!!
The post, by Serena Norr and Joann Pan, throws out some astounding figures. 60,000 plus barrels of oil a day, thousands of fisherman out of work, and in the real estate market a 30% expected decline in home values. National Geographic has called this this the worst oil spill in US history, with 8 National Parks directly threatened by the oil spill.
30% expected decline in home values, in an area that has not fully bounced back since Hurricane Katrina devestated the Gulf coast in August of 2005. 30% is a staggering figure. While BP has set aside funds to assist industries who have suffered losses due to oil spill, is there a plan in place for the homeowners, who will be impacted by this spill. Nothing I have read or heard leads me to believe that there will be any compensation for these personal property losses.
The Gulf Coast oil spill could have long term and devastating effects on the Gulf Caost's industries, residents,and eco systems. It is well over due that something real be done about this!!!