Housing Bubble 2: Return of the Ugly

This is anecdotal, but I live in an Indiana town that isn't especially desirable, but the cost of living is quite low. I live in one of the best neighborhoods in town in terms of things like very low crime and neighbors who get along, but there are plenty of houses for sale here that never get sold. I've looked them up. They're all way, way out of our price range regardless of their size (it's a weird subdivision with homes of all sizes). Our own home has more than doubled in value according to Zillow and we only bought it in 2017 or 2018.

The only house I have seen get bought even relatively quickly was the one next to ours, which we think was foreclosed on, was sitting vacant for years, and probably had someone squatting in it. The photos on Zillow were a nightmare. I don't even think the second story floor would have been safe to walk on. It was valued at about what we initially paid for our house despite being twice its size including a finished basement (we don't even have a basement). Someone bought that one within a month and is now fixing it up, presumably in the hopes of reselling it. I wish them luck.