Everyone wants a home in the country, just they wish that no others would build next to them. Funny really. I had a person build across from my farm and she started complaining about all the noise, dust and smells from a working farm. Took me to court. She lost, had to pay my lawyer fees. Then she started again. Moved 200 pigs from the rear of the farm, 7/8 mile away to 175 feet from her front door. Hot Summer, hot nights you get the picture. Back to court we went again. She lost again. At that point she got the message and decided to be a good neighbor. Pigs went back to the rear of the farm and I have not heard from her in five plus years.
There are many areas that have been over built and have unsold home in them. Just look around Lost Vegas. In the end homes will be sold, but for more reasonable prices than they sold for in the boom. Always best to buy when the bust has happened and others have no money saved up for the values that you come across.
Some cities have had a rebirth as people buy old buildings and restore them or convert them. Many old building are just in such bad shape that the only thing to do is tear them down and start over. It has to pay to do that. I see this in Baltimore as row house after row house has been abandoned and later torn down. In 20-30 years entire blocks will be free of old homes. Open space is easy to rebuild on and the day will come when someone will see a chance to do so and make money. Only the government is in the business of building homes without a prospect of a profit. Those in the trade have to make a profit of go under.
