With gas at the pump approaching $4 per gallon, add to the list of negative repercussions from this: homes further out in the hinterlands of suburbia. As the price of gas rises, making the price of commuting by car that much more expensive, homes closer to cities and work will better maintain their values, and those homes father away will likely lose value at a faster clip.

The bottom line: with already fast imploding home prices, the steep rise in gasoline prices will only work to accelerate the housing decline.