The local real estate market suffering from high numbers of Slidell bank owned homes is further weighed down by the oil spill disaster. According to market analysts, coastal areas of Mississippi, Louisiana and Alabama are feeling the impact of the disaster, particularly in terms of housing prices.

Prior to the oil spill, July is usually the month when sales of new dwellings and Louisiana bank owned foreclosures are at their highest. However, realtors have reported that the disaster has caused buyers to stay out of the market. The spill is also being blamed for closings being put on hold and purchase contracts being canceled.

It was not just sales of new houses and bank owned homes that are suffering according to realtors, commercial and residential development projects in these coastal states were also affected, with most of them canceled or put on hold. In addition, prices of properties have declined further as demand falters in most of the coastal local areas.

Most of the oil that spilled in the areas had been contained, according to Interior Department and National Oceanic and Atmospheric Administration officials. However, local realtors have stated that the damage has already been done as evident in buyers' dwindling interest in newly built houses and Slidell bank owned homes.

Bodies of water that were hardest hit by the oil disaster were those between Louisiana and the Mississippi River, along with Pensacola Bay in Florida. Real estate market analysts are stating that the drop in the values of properties in these particular regions will spill over to other parts, even in those areas that are free from the impact of the oil spill. They added that buyers' belief that whole states are suffering from the impact of the spill is enough to pull property values down.

It has been estimated that the impact of the oil disaster on home prices in coastal areas will reach over $600 million within the year and could reach as high as $3 billion within five years. The largest real estate loss is estimated to be in Pensacola, followed by Gulfport in Mississippi. Louisiana's real property market is also expected to suffer greatly, with sale of Slidell bank owned homes and other types of dwellings in the state's other cities predicted to decline further.

Original Post: Oil Spill Aggravate Problem of Slidell Bank Owned Homes on BankOwnedHome.net.