While eyes have been firmly fixed on Flint, MI in the wake of the lead water crisis, there are other towns that have experienced their own "disasters" including Porter Ranch, CA -- victim of a natural gas leak last year. RealtyTrac staffer Daren Blomquist takes a look at what these disasters are doing to the housing markets in these two cities.
In the three months following the gas leak, home sales in the Porter Ranch zip code (91326) dropped 44%. Similarly, Flint saw a 21% drop in median home prices in the first two months of 2016 despite an 8% increase nationally. Cliff Lipscomb, director of economic research at Greenfield Advisors in Atlanta see Flint having much tougher road to recovery:
“Between the two I think Porter Ranch is more likely to recover in the long run. Flint has had so many issues over the years, and this is yet another one that has impacted the area,” he said. “I think the two situations really exemplify the infrastructure crisis that our country is facing.”