The “Redneck Riviera”, the oceanfront properties running from Louisiana over to Florida’s northwestern coast had been a booming area until the Real Estate Meltdown…
Property values are currently running up to 65% below their 2005 peak.
The oil spill, expected to impact the beaches in many of the areas will further devalue properties – possibly forcing thousands of foreclosures as people find themselves sitting on vacation properties worth only 5-15% of what they paid for them.
Homes along the immediate path of the Gulf Coast oil leak are forecast to decline at least 30% in value as a result of the environmental catastrophe produced by British Petroleum’s gushing oil well 42-miles off of Louisiana, according to a new forecast by Housing Predictor.
The forecast is being issued after more than a month of research and monitoring the impact of the oil leak, which has poisoned the eco-system along the marshes of the Louisiana coast line and as far east as Alabama. Housing analysts contend that the projected losses in housing value will top that of any oil disaster in the nation’s history and will send tens of thousands of additional homes into foreclosure as a result. Read the rest of this entry »