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Water contamination, land prices, and the statute of reposeAuthor(s): John F. Chamblee; Carolyn A. Dehring; Craig A. Depken; Joseph R. Nicholson
Source: The Journal of Real Estate Finance and Economics
Publication Series: Scientific Journal (JRNL)
Station: Southern Research Station
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DescriptionWe examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.
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CitationChamblee, John F.; Dehring, Carolyn A.; Depken, Craig A.; Nicholson, Joseph R. 2015. Water contamination, land prices, and the statute of repose. The Journal of Real Estate Finance and Economics. 17 p. 10.1007/s11146-015-9514-3
Keywordssuperfund, pollution, hydrology, property values
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