Monday, October 1, 2012

Fracking not Healthy for Real Estate

According to the New York Times, people looking for second homes don't want to buy property in the Marcellus region. Leased properties are a "tough sell", and even those that aren't leased aren't getting many bites. That's because people are concerned about potential contamination and lowered property values.

The same day this article appeared, the League of Women Voters and Vestal Residents for Safe Energy (VERSE) hosted a meeting on the impacts of gas leasing on home ownership. Some of the concerns: homeowners insurance won't cover industrial accidents such as brine spills; mortgages don't allow oil and gas leasing; and declining property values where there are problems with drilling impacts.
Read more about how gas leases conflict with mortgage rules here and here.

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