BP’s $20 billion fund may not be enough to cover all reimbursements…
June 24, 2010
Gulf Coast real estate owners and professionals are not happy. Their rental income and property value is down and they’re demanding BP pay them for their woes. Even though BP has set up a $20 billion fund to compensate victims, all this cash may not be enough.
Real estate experts claim the oil spill has caused a double digit decrease in the value of Gulf Coast Real Estate – an area of the US that had just been pummeled by the housing crises.
According to CNN, as of two weeks ago, 446 claims for loss of rental income had already been filed in Florida. This number is almost certainly higher by now and rising quickly.
HousingWatch reports on Gulf resident Allison Halfield, who purchased her newly built home on Alabama’s Gulf Shores in August 2007 for $150,000. Her home’s value has now is now worth about $70,000 – she lost half the value of her home.
That really sucks.