Report: Gulf Coast real estate will suffer from oil spill

The Deepwater Horizon Oil Spill could create as much as $648 million in home value losses along the Gulf Coast this year.

That's according to real estate data firm CoreLogic, which used public records, parcel and coastline data to estimate the amount of losses that homes in those areas would incur. In addition to the $648 million expected to be lost this year, the firm estimated that communities that have already been impacted by the spill will lose up to $3 billion over the next five years. Harrison County in Mississippi, Mobile County in Alabama, and Escambia County in Florida will suffer the worst losses, with as many as 71,000 homes expected to be impacted.

About 15 counties along the coast from Mississippi to Florida could also get hit with damages, the report added. Though unlikely, if oil is able to work its way up the Atlantic coast of Florida, the five-year total for home value losses could add up to $28 billion.

Homeowners in that area could consider moving, although it could be difficult if the resale value of their home has plummeted significantly.


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