Gulf Oil Spill Real Estate: BP's Payments to Victims May Not Be Enough

Real estate professionals are demanding redress from BP to cover loss of rental income and, some say, declines in property values brought on by the Gulf oil spill. And some residents are getting it.

Real estate experts claim the oil spill has created a 30 percent value decline to Gulf Coast real estate properties -- in an area that was already hurting but was starting to see a glimmer of hope from the housing recession.

CNN reported that at least 446 claims for loss of rental income have been filed in Florida, and $75,727 has been paid out to more property owners for real estate loss values. (Warning: those BP payments might be considered taxable income.)

But now some owners of beach properties wonder if their values will ever recover. HousingWatch talked to a few Gulf residents and real estate professionals who have been afffected: