New mortgages unavailable for properties with gas drilling leases

[jtr...@epix.net]

This was inevitable....

 

 

"There is increasing evidence -- and examples -- of how shale gas operations depress property value. Those examples are surfacing across the country from Pennsylvania to Texas (or from the Marcellus to the Barnett shale)."

 

The Pike County Courier

By Linda Fields

NORTHEAST Pa — New mortgages unavailable for properties with gas drilling leases. Property owners may make money from leasing to Marcellus Shale gas drillers, and they may also find their property can’t be financed for a new mortgage.

 

http://www.strausnews.com/articles/2010/06/05/pike_county_courier/news/1.txt

It would be helpful if the same people who signed leases could see how much we have lost in revenue from property and home buyers who made use of local services, frequented retail shops and restaurants and hired local contractors for building and remodeling. We can someday, perhaps, recover from the economic downturn …but leases run with the land.