I don't know if my area is that different from others, in that home prices seem stuck on expensive. It's my assumption that desperate owners are waiting for their personal bailout. I think there is a reason that has not already occured. Home prices in my area rose about 150% in 5-6 years. A one acre building lot went from about $10,000 to $55,000. Some are still asking $69,000 for an acre building lot. If there were readjustments in prices, it's only been about 9-12% so far, of prices inflated 150% over just a few years. I heard the other day that this real estate craziness also affected farmers who had leased land to raise crops on. Greedy sellers would refuse to allow planting after previously agreeing to do so. That problem has receded somewhat, which means local agricultural businesses should have a better year. A lot of people are actually relieved that the bottom has dropped out of the real estate market. It's the get-rich-quick speculators and real estate agents dreaming of squating over gold-plated toilets who aren't so happy.
Despite what wishful Realtors have been promising for the last 3 years, I don't see those price peaks returning soon, if ever. It is completely unrealistic to price an average property at $250,000 in a rural locality with an average salary of $35,000 a year. There just aren't that many employment opportunities.
The urban sprawlers can't be allowed to force others to build infrastructure around their desires. It's not my concern if someone does not have a job where I live. It's not my obligation to pay for them to live where I do, just because they think they have that right.
If people want city jobs, they need to live where they work or near mass transportation that is already available. They have a choice, rural wages and rural living or city wages and city living. It's abundantly clear that their city jobs and rural living strategy only works if subsidized by others. Most people would consider that a parasitic relationship. I certainly do.