After viewing the horror of the oil leak in the Gulf Coast over the last month its clear the real estate market in the Gulf Coast area will be greatly impacted for some time. Some analysts predict that home values will decline between 20% and 40% and thousands will enter foreclosure as a result of this disaster over the next 6 to 12 months.
This is very bad news to the Gulf Coast area still recovering from Katrina. Even though this effects them directly it will surely impact the entire US as well.
What are your thoughts about this problem? How long do you think it will impact the Gulf Coast and the United States?
I would love your feedback….
Lolita
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Good topic! I am disappointed in the Federal gov, BP and the affected States for not mandating BP have an emergency plan for this type of stuff. We are doing the same thing as 10 years ago..wiping oil off birds and other animals with wet wipes WTF? I am 100% against offshore drilling and want SOMEBODY..ANYBODY to plug up the hole.
I’m really baffled by the whole thing, Lo! I just find it absolutely nuts that there is no plan in place for a situation like this. I mean seriously…maybe because I’m on the outside looking in, but it just seems that if there’s a room full of people who are saying “Ok, what can possibly go wrong?”, a disaster like this would be on the top 3 list and they’d have a plan for it.
Anyway, this definitely spells disaster for an area that has already been through so much. I think in the loooong term they still have an opportunity for recovery, but no time soon.
@CJ and Shae I agree! To have so much money and resources and no plan for a disaster like this is not acceptable.