Tell me the specific "past fiascos" you are referring to, and I will answer your question on specifics.
Looking it over myself, I’d have to conclude they were relatively local ( I was thinking of western land specuation in colonial days in particular)http://www.google.com/search?q=real+estate+bubbles+history&hl=en&rls=com.microsoft:en-us&tbs=tl:1&tbo=u&ei=qau_StXfLsTR8Aay9PWdAQ&sa=X&oi=timeline_result&ct=title&resnum=11