This U.S. News and World Report article suggests a big problem with the U.S. housing market is overbuilt suburbs that are incompatible with work. Homes located in the burbs are less desirable because they are far from jobs, requiring costly commutes. Other workers aren't interested in buying suburban dwellings because they need to remain mobile to move among metro areas where job opportunities arise.
What the article doesn't mention is that these homes would be far more marketable if 1) They had fiber optic connections to the Internet and 2) More information and knowledge work (and video conferencing) was done in home offices instead of requiring lengthy commutes to a cubicle simply to use a different computer. Move bytes, not bodies.