Here are some earlier submissions on this and similar topics:

http://news.ycombinator.com/item?id=1500564 <- This has lots of comments

http://news.ycombinator.com/item?id=1491252

http://news.ycombinator.com/item?id=1175576

http://news.ycombinator.com/item?id=1011716

http://news.ycombinator.com/item?id=726110 <- This has lots of comments

The article mentions Hoboken, NJ. I live here and there was no bust, IMHO. Buildings are still going up. It's a small little town on the Hudson River, across from NYC. I'm sure prices fell 20%, maybe 30%, but you didn't lose half your money.