Bloomberg reported this weekend that it’s estimated that the real estate in the gulf coast will decline by 10% over the next 3 years. The value of that decline they estimate at $4.3 billion. I’m sure it’s difficult for them to figure this out given the ongoing state of the disaster, but it’s clear that everyone is lining up to make their claims in what will likely be a legal feeding frenzy like this county has never seen before.
It’s very disturbing to see the oil start to wash up on those beautiful beaches in the gulf. I can’t image what those who live and work in the region are going through seeing their businesses, livelihoods, and property get wiped out by this disaster. It has become an unimaginable disaster that BP nor the Federal Government seems to be able to solve at this point.