House prices in the US have certainly crashed:
For well over a year I have mentioned that it is likely that nationwide we are reaching a bottom with the median home price being $163,000 and the typical household pulling in $50,000. Historically this seems to work fine and given current mortgage rates, there are many good deals to be had across the country.
They're back to what used to be the old rule of thumb - your house cost you three times your annual income (back when families had only the dad working - back when families had a mum and dad).
I guess apartments are even cheaper than that.