Oil Spill May Negatively Impact Real Estate Market (BP)

BP (ADR) (NYSE: BP) is still struggling to stop the oil gushing from its site in the Gulf of Mexico. Steve Blitz, senior economist with Majestic Research, shared his insight with CNBC.

He said, “The long-term implications are not good. But the first thing is that nothing that’s going on in the Gulf, as horrendous as its impact is on all these regions, is going to derail the overall U.S. economy.”

He also said that the spill may have an adverse impact on the real estate market if the oil reaches the shore. However, he also said that it is too early to gauge the impact of the spill on the market.