Friday, June 25, 2010

Panhandle Real Estate hit by the threat of Oil

The Herald Tribune posted an article about the falling real estate business due to the threat of oil. After facing a tough year, when the housing market bubble burst, now a new threat is looming offshore.

"Though most of the Gulf Coast remains free of tar balls, sheen and sludge from the spill in the Gulf of Mexico, owners and agents say the disaster has still stained a showcase piece of the real estate market.

It is the third sucker punch in six years for property owners, many of whom were depending on rental units to fund their retirement. State lawmakers are looking to let homeowners off the hook on some of their taxes, hoping to pass the cost along to BP.

But things will not get better as long as images of oiled sand keep buyers away."

Head over to The Herald Tribune to read the rest of the article.


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