Gulf Coast could lose billions in home values

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Gulf Coast could lose billions in home values

August 5, 2010 - The Gulf Oil Spill will likely drastically reduce home values in surrounding beach communities, possibly discouraging people from moving there for the next five years.

CoreLogic, which provides real estate data services, estimated that properties in areas that have already been impacted by oil will lose $648 million in value this year alone. Over the next five years, those communities could lose as much as $3 billion in home values. Where the spilled oil travels from here is of principal importance, the company added. If the oil can make its way around the Florida Keys and up the Eastern Coast, additional losses could add up to $28 billion over the next five years.

About 71,000 homes in three main coastal counties - Harrison County in Mississippi, Mobile County in Alabama and Escambia County in Florida - are considered to be at the highest risk, said CoreLogic. But with 15 coastal counties from Mississippi to Florida's Atlantic shores, almost 600,000 additional beach properties are in danger of losing significant value.

It's another blow to Florida, which has already lost some relocation appeal given its recent foreclosure difficulties and sinking job rate.

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