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Posted Wed May 12 2010: from HousingWatch:
Gulf Coast Real Estate Threatened by Oil Spill
Five years after the catastrophic Hurricane Katrina, real estate players are predicting that BP's oil spill has the potential to hinder the Gulf Coast more severely than that epic storm. "This will be 100 times worse," says Christine Weber, a real estate agent near Biloxi, Miss., who says she can already smell the fumes from her house five miles from the shoreline. "It is not something that can be cleaned up like a hurricane where you can replace a roof. You can't remove oil from the sand or the water."... "We won't have anything around here," she adds. "It will be desolate."... It is still not possible to really know for sure just how costly this debacle will prove to be to both the region's and nation's economy: It is a tragedy that is still very much unfolding--or, in this case, flowing. Often, initial guesstimates of economic damage from natural (or man made) disasters prove to be wildly overstated. But why do I have a feeling that, in this case, the initial estimates will prove to be largely understated?
[Read more stories about: economic myopia, toxic water, oil issues]

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'Doc Michael says:
On the bright side, it saves the hassle of dealing with sea level rise.

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