NEWSFri, Jun 11Oil Spill May Cost $4.3 Billion in Property ValuesIn an already depressed real estate market, property owners in the Gulf Coast now face an additional threat from BP Plc’s oil spill. The worst environmental disaster in U.S. history is contributing to falling real-estate values and oil washing ashore will further harm property values in an area where Moody’s Economy.com estimates prices fell as much as 34 percent from the peak of the U.S. residential real estate market in 2006.The disaster has led to the closing of about 78,300 square miles (203,000 square kilometers), or almost a third, of federal waters in the Gulf of Mexico and some experts estimate that losses may total $4.3 billion along the 600-mile (966- kilometer) stretch from the Louisiana bayous to Clearwater, Florida. |
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