One in four real estate professionals surveyed by the analytics firm Clear Capital said the BP oil spill has caused home sales along the Gulf Coast to come to a “halt.”
Ouch. I mean, sure, Canada’s worrying about housing sales slowing down, but at least we benefited from the upswing. The Gulf Coast has simply been subjected to a massive catastrophe that could never have been predicted.
In a political deal struck with the governors of Alabama and Mississippi, up to $60 million from the fund will be set aside in a special pool just for compensating negatively affected real estate brokers and agents in the gulf region who are otherwise ineligible for compensation.
BP is providing $20 billion in compensation for the spill. And that fund will essentially waive the right for others to sue BP– and any other companies associated with causing the spill. The $60 million will be distributed by the National Association of Realtors.
So they’ll be compensated. Otherwise it would’ve been a massive unexpected hit for realtors to take. At least BP is being proactive– I guess.