One of the bigger news items for 2010 has been the recent oil spill in the Gulf of Mexico caused by British Petroleum (BP) that has devastated the local ecology and lead to what is being called the worst man made disaster in United States history. Due to the massive amount of oil gushing into the Gulf, there are are going to be severe repercussions according to leaders in the government and science fields, repercussions that could go on for several years. There is a much secrecy in the deals being made right now, say sources, due to the fact that many in power are hoping to keep public panic at a minimum. The wetlands, shores and bayous of the fragile ecology of Gulf states in the US are now being threatened to previously unseen levels and this has another side to it that goes beyond the incredible levels of death for local wild life: the cost of real estate is set to plummet. Due to the spill, local economies are suffering from one of their primary places for people to work, the fishing industry. This, combined with the toxic environment, is creating a bigger disaster.
Home sales in the Gulf states including Texas, Louisiana, Alabama and even Florida are set to drop at unheard of rates as people move from the area in seek of less damaged places. Long term investors could do well, but for many the cost of trying to hold on to properties could get steep.
