Oil Spill Decrease Home Value

All My sons of Jacksonville brings you the latest information on the BP oil spill and the damage it can do to the real estate market: According to an article on MSN.com, since May, Gulf Coast property owners have already been feeling the effects of the BP DeepWater Horizon oil spill. Less than 30 days into the oil spill, tourists were canceling their summer rentals, just in case the disaster was going to reach the shoreline. CoreLogic, a company that provides mortgage data, is estimating that the BP oil spill damages to home values can reach $648 million in one year to as much as $3 billion over five years. And that if it spreads into the Florida Keys and up the Atlantic Coast, that number can be $28 billion over five years. The Jacksonville movers found out that the markets taking the biggest hit are Gulfport, Miss. With an estimated $56,000 decrease per home, Mobile, Ala.with $45,000 loss, and Pensacola, FL with $40,000 in decrease per home. CoreLogic adds that there are 600,000 properties within 1,000 meters of the coastline in 1 major counties that could be affected as well. The local Jacksonville moving specialists will keep you updated on the BP oil spill.