Home Values, Mortgages, Insurance

Can fracking lower my home’s value, make it hard for me to get a mortgage, homeowners insurance, or even sell my home?

Yes. Studies from several years ago have shown home price deflation of up to 24% in PA. It is almost certain that this percentage has increased as awareness of the threats and toxic nature of fracking have become more widespread. There are now reports of entire real estate markets drying up, realtors closing their offices, and home buyers refusing to even look at properties remotely close to existing or potential well sites. There are also reports of banks adding drilling exclusion riders to mortgages, and insurers either limiting or non-renewing homeowners insurance policies.

“Some don’t want to even look at anything remotely close to any existing or proposed well sites,” a Boulder real estate agent to the Colorado Independent newspaper.

(Sources: money.msn.com /ecowatch.com /americanbar.org /public.econ.duke.edu / Colorado Independent)

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