This is true, if the market is being broken down per county basis. California real estate including land did suffer, but bounced back. I can't say the same for land out of state. I bought land out of state after the bubble for cheap, and it has yet to return to pre-bubble pop values. A poor investment on my part.
One of the greatest investment mistakes I've made was brush away the marina area of SoCal, where tech companies have now made a home in the last 10 years. The prices have tripled if not quadrupled. A safer purchase than the shares I bought in Netflix and Amazon during their sub $20~10/share days. As I said, hindsight is 50/50. If BTC ever drops to pre-explosion prices, I'll be buying it. Funny enough, my oldest nephew recommend I invest some money into it. I brushed it off, but he, according to his word, did buy many coins when it was dirt cheap. I believe he traded them in when they were a few hundred dollars, and kept a few. Good for him, I guess.