Gulf Coast Real Estate Still Mired in BP Spill

BP Oil Spill still gumming up Gulf Coast real estateThe BP oil spill may be receding from national headlines, but Realtors in and around the Gulf region are still in the thick of it. A survey released Tuesday by analytics firm Clear Capital reveals that nearly one-in-four respondents is reporting continued negative impact on the local real estate market. Of those impacted by the spill, more than 50 percent reported a drop in housing value by 5 to 15 percent. "Many of these local markets in the Gulf have already experienced significant price declines over the past few years as well as a drop off in sales volume after the tax credit expiration," said Alex Villacorta, senior statistician at Clear Capital. While the full extent of damage to the local real estate market remains to be seen, it's clear that the stigma of the spill has spread even farther inland, Villacorta said. In St. Petersberg, Fla., hundreds of miles from the spill, where the beaches remain untouched by the oil, Realtors are reporting similar negative impact.

If you have a story about how the Gulf Coast oil spill has affected your home sale, or if you've recently purchased a home in the area, we'd like to hear from you in the comments below.


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