Here's a long report arguing that gasoline prices played a large role in deflating suburban real estate: Download cantor.pdf

I think it overstates the case a bit. While it's true that home prices fall as you fan out from the city center, a lot of that has to do with relative land scarcity and commuting times. In the Tampa area, suburban home prices stink because that's where every speculator and his cousin were playing real estate tycoon.

The source of the gas report is Joel Cantor, a developer who's building the Signature Place condo tower in St. Petersburg. Cantor's a friendly guy with a keen eye for a promotional opportunity. He figures that expensive gas = equals more sales for his tower.