From local blogs and newspapers comes anecdotal evidence of real estate misery:

• Ardmore
• Southwest NC Mountains (hat tip to Cone for the link)
• Northwest NC Mountains

I was reading the Wall Street Journal article about all the ghost-developments around the country and I thought of the higher-end subdivision across the street from our humble abode.  Lots of the houses were finished early last year and people moved in, but suddenly construction halted on a bunch and cleared lots stayed that way.  Kind of depressing to see.