It did. We still have about a 15 year overhang of empty housing in this country. The residential construction business throughout the nation was devastated by overbuilding done by cheap Hispanic labor.
Spain is just catching up to us.
NOTE: Widespread use of SIP construction helped ~ that reduced the labor requirements on site like nobody's business. This induced builders to become ever more competitive ~
Greatest Real Estate Bubble In Modern History Not Done Bursting
http://www.forbes.com/sites/greatspeculations/2012/10/03/greatest-real-estate-bubble-in-modern-history-has-yet-to-really-burst/
Is another California housing bubble possible?
http://www.zerohedge.com/contributed/2012-12-29/another-california-housing-bubble-possible