There was an interesting post yesterday in the Wall Street Journal Blogs/Real Time Economics section discussing how many areas of the country have not had such a serious housing bust as California, Arizona, Florida, and the East coast have had. See, Much of U.S. was Insulated From Housing Bust in the WSJ.
The main reasons areas in the Northeast and Midwest were less affected was because of much more modest house appreciation, and less subprime mortgages as the “hot” housing areas. Here in the Northern Illinois area, we did not have a boom, and you may not call it a bust, but housing prices are definitely lower than a couple years ago in most areas.