Posted on 06/21/2010 10:42:44 AM PDT by blam
Florida Real Estate Prices: Guess Which Direction This Chart Will Go
Housing-Market / US Housing
Jun 20, 2010 - 03:01 PM
By: Mac Slavo
The US real estate market all but fell off a cliff two years ago. Though there has been a very minor recovery, or rather, stabilization, in home prices, we recently pointed out that it makes sense to be gloomy.
For those living anywhere near the gulf coast there has been no recovery, or really, any stabilization, as depicted by the follow chart from city-data.com:
With a complete loss in the Gulf coast tourism industry we can reasonably expect rental properties to get absolutely hammered. And, if the oil leak is as bad as we hope it’s not then we may very well have hundreds, if not thousands, of miles of destroyed beach front and surrounding properties. The environmental ramifications in terms of dangerous gases and oil covered beaches will lead to even higher delinquency and default rates across the southern United States.
In the event of mass, longer-term evacuations, we could potentially be looking at real estate prices going to Detroit price levels in some areas, which have literally reached $1 on some homes.
For those who think that a real estate collapse on the coast resulting from evacuations and general migration will lead to price increases elsewhere in the country, consider that many of those who will be leaving the coast will be leaving with essentially nothing - no money, no job, no assets.
[snip]
There are millions of people near the Gulf coast right now that stand to lose everything as a result of the negligence of BP and the US government regulatory agencies.
(Excerpt) Read more at marketoracle.cn ...
HUH?
(I'm in Mobile, should I move now?)
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that is an awful chart-—so sad for our citizens in Florida :-(
If you live in Mobile, you should be mobile in the event of a mobilization.
What do they think could happen that would require even thinking about that as a possibility?
I’m guessing they’re conjecturing that a large-enough collection of oil on the surface of the Gulf may lead to a concentration of fumes that is deemed to be hazardous and requires evacuation, like when a train carrying hazardous chemicals derails.
That’s just a guess; could be something entirely different.
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