In 2014, Kerry Jefferson put a down payment on a home in Flint, Mich. Putting in more than $7,000 worth of remodeling projects into the home including new cabinets, paint, new copper pipes, and a new kitchen she is now struggling to sell the home. In October of 2014, she listed the home for $48,000. She's now having to settle for $38,000. Since the news broke of Flint’s lead water crisis, listing prices on the average home have dropped to about $6,000. This equates to a 10% drop each week since the news broke.
Latino Affairs Director at the Center for Responsible Living, Aracely Panameno told Market Watch,
“The impact on homeowners is far-reaching. In the absence of comprehensive infrastructure improvements, they face significant losses in property value without any prospect of recovery.”