BP Spill May Cost Gulf Coast Homes $56,000 Apiece in Value
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Gulf of Mexico coastal homes may lose as much as $56,000 each in value as buyers shun areas marred by the worst oil spill in U.S. history, according to CoreLogic Inc.
Waterfront properties in Gulfport, Mississippi, face the biggest average declines, followed by those in Mobile, Alabama, and Pensacola, Florida, the real estate data company said in a report. Losses along the coast may total $648 million in 2010 and $3 billion over five years, CoreLogic estimates.