Gulf Oil Spill Update: Housing Prices Suffering Too

As BP tries to stop and mop up the worst oil spill in U.S. history, the Gulf coast is about to face it's busiest holiday weekend of the year: Memorial Day. Thus far, the white-quartz beaches of Florida's Emerald Coast are pristine and the water is crystal clear. Schools of fish dance just offshore. But homeowners, developers and realtors along the coast worry, and with good reason: Rentals are off by 30 percent and the already-flat housing market has taken yet another hit.

"There was a lot of bad press when it first happened," says South Walton realtor Jonathan Roberts. "As a result, there were some rental cancellations. And if you're selling a house now, all this means you have to drop your price a little more."