"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."
I've been trying to get an answer to the question of what would/could occur that would require mass, longer-term evacuations.
Can you answer this question?
Some folks are desperate to make more money. If they can hammer down the price on beachfront property as quickly as possible, they can buy and hold for 2 years until the media tells everyone how many properties are for sale on the Gulf at*unheard of* prices.
Or something.
The only thing I could think of is the total and complete collapse of the gulf coast economy would create mass, long term evacuations.
This well will not be the end of the world like many of these doomsayers predict.