Real estate booms and busts have ALWAYS been regional, what we are seeing now is a nationwide boom. Certainly there will be some dips in certain regions, but it will not be nationwide. Even if interest rates go up 2 or 3 percent, they will still be a bargain compared to a generation ago. And you are correct, there is a finite amount of raw land left for development, and it will ALWAYS be a sound investment.
Okay, you had it first. There have been national boom busts. Don't have info in front of me -- one was 1870's, iirc. Another around 1930. Pretty sure there was one around 1810 or so.