In a housing market where homeowners are battling or fearing underwater mortgages, homes in the Gulf of Mexico may have more to fear than oil-soaked waters. According to a new report released by real estate data provider CoreLogic, homeowners should also fear $68 million in lost property value over the next year—and possibly $3 billion over the next five years—as a result of the BP oil spill.
The report showed that Mississippi beachfront homes could see loss as high as $56,000 per home. This means anyone living in one of the 71,000 homes affected who tries to relinquish their mortgage loan could have a difficult time selling (CNN Money).
