Housing-News-Report-April-2016

Housing-News-Report-April-2016

H OUSING N EWS R EPORT Named the Nation’s Best Newsletter in 2015 by the National Association of Real Estate Editors

By Daren Blomquist, Executive Editor Nightmare on Main Street Part I

Editor’s Note: This is the first in a two- part series investigating the impact of disasters on the housing market. In Part I we investigate the impact of environmental disasters, and in Part II we’ll investigate the impact of natural disasters. A silent and invisible enemy attacked Porter Ranch, California, as Halloween approached last year. Residents in this high-end master- planned development about 35 miles northwest of the city of Los Angeles complained of nausea, nosebleeds, and a nasty smell — particularly in the part of the community north of Highway 118 nestled among the foothills of the Santa

Susana Mountain Range.

April 2016 Volume 10 • Issue 4

“I personally went to the shopping center there for dinner but could smell it so strongly in my car I didn’t feel it would make sense to go to the restaurant,” said Bonnie Sterling, a real estate agent with Sterling Living covering communities near Porter Ranch. A week before Halloween, Southern California Gas Company identified the apparent cause of these symptoms: an underground storage facility leaking natural gas and located near the top of Oat Mountain in the Santa Susanas, according to a timeline of events

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