Oil Spill Bogs Down Gulf Real Estate Market

The Gulf oil spill may be plugged for the time being, but the effects on the local real estate market are just beginning to trickle in. The value of property along 600 miles of coast between Louisiana and Clearwater, Fla., may decline a minimum of 10 percent over the next seven years, according to one economist. Even now, potential buyers are waiting to see what happens and backing out of deals. The area's white beaches are cleaned every night to eliminate any washed-up oil residue, but many remain largely empty.