From the Davis Article Copied Earlier

"THE market here isn’t like those of Florida or California, which have followed a boom-and-bust pattern, or of Cleveland, where foreclosures have overwhelmed entire neighborhoods. Instead, what’s playing out here is a kind of paralysis, with wide swaths of the market frozen and only the very top end showing signs of life."
...
"This may hint at what’s in store for other real estate markets around the nation that managed to avoid the excesses of the last decade but still find themselves struggling now."
...
"And it’s midprice residences that have been hardest hit. While sales of properties valued at less than $150,000 are down 13.3 percent from a year ago, sales of homes between $150,000 and $350,000 are off more than 27 percent."

...
"To make matters worse, these outlying suburbs were built on the premise of cheap gasoline, says Keith G. Debbage, a geography professor at the University of North Carolina at Greensboro who tracks the local economy. With gas at $4 a gallon, he says, 'travel costs are now a serious consideration.' Oak Ridge and Summerfield are bedroom communities, he notes, and many commuters drive 30 to 45 minutes each way to jobs in Greensboro and Winston-Salem. 'People are doing a serious rethinking of where they live,' he adds."