There's a great piece on Morning Edition that articulates the effects of rising gas prices and demographic shifts on housing prices. When averaged across a metro region, it can appear that the pain is evenly distributed, however, the exurbs are hurting the worst. Interesting story, worth a listen.
It's unfortunate that we have all this excess stock, though as a I renter I certainly benefit from the downward pressure that exerts on my monthly rent-- however, the longer we have homes that sit empty, the worse it is for everyone who does own property. Don't you hate when the poor decisions of others negatively affect your plans? Indeed, hell is other people.
I'm currently in thesis hell-- sending a full draft to my advisor today. I was going to keep it under wraps until I was farther along, but god knows when that will be the case. In any case, posting will be light indefinitely.