May 29, 2010
Poor Americans. As if they needed another reason for home prices to dip they get hit with the worst oil disaster in US history.
Louisiana’s beach-front real estate has been devastated by the spill. Louisiana real estate agent Carolyn Angelette says, “We aren’t selling a thing, I haven’t had one closing since this whole thing happened.” Last year this time she was averaging 25 closings each month. Last week she let her receptionist go because she has no revenue.
Rick Sharga, senior vice president at foreclosure website RealtyTrac, says the oil disaster is basically turning resort properties into distressed properties.
It’s unknown how severe the impact on real estate will be but some are predicting that this is just the start of a very tough ride for coastal real estate affected by the spill – lawsuits already in the works.