Gulf spill's real estate damage estimate: $3B

Gulf spill's real estate damage estimate: $3B

The BP oil spill's crash on home values in 15 coastal counties next to the Gulf of Mexico could total $3 billion over five years, according to report free today by business in order CoreLogic.

An extra $28 billion loss in values could also happen in the unlikely event that oil reaches communities about the Florida Keys and up the Atlantic coast, the statement said.

The organization examined county that are at risk of oil coming ashore and the closure of beaches to human recreation for a five-year period. Previously division of The First American Corp., CoreLogic maintains large databases of information for real estate transactions and mortgages, and offers a range of consumer, financial, and property information to businesses and government.

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