Land prices, not house prices, have dropped

in the past few years, as well illustrated by this article from MSNBC.  Homeowner insurance costs generally haven’t declined, because construction costs haven’t declined. (Homeowner insurance covers the cost of repairing or replacing the structure.) If it’s not construction cost, what went down? Must be the land. (ht Rob’t Blau)

I’m struck that an article about homeowner’s insurance doesn’t touch on title insurance, which is having difficulties of its own.