"Well, then, why should someone move to Greensboro, NC, when a lender overburdened with foreclosed homes (in other areas) is letting people walk into them with zero down, no closing costs, and even moving expenses?"
Oh, I don't know, job growth maybe? There are other factors at work, as to why some areas have not skyrocketed. There is very little to prevent new residential construction here, with readily available tracts of land. This tends to limit appreciation of existing housing to the rate of inflation, with new construction pulling existing up as costs increase. New will always trump existing, with the exception of the very close in, older "charming" neighborhoods built in the teens, 20s, 30s and 40s. Or, at least that's true here, and in Dallas and Atlanta and Memphis and Indianapolis and, and and.
Ok, maybe your part of the country is immune to the coming economic effects of the housing bubble slow leak. It could be, if those jobs don't depend on newly-poorer-feeling-people having to buy a product or service produced there. Maybe those jobs are all in government?