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i dont think you can compare the US to european countries' house markets. Simply because the US is huge and there are remote bad areas nobody wants to ever live. I saw some houses in Detroit for $10k. You will never find houses priced this cheap in Holland, in the worse areas here apartments cost 10 times as much - simply because it's a very small overcrowded country (supply & demand).
The city i live in has a neighborhood which was in the top 10 worst neighborhoods in Holland. Illegal polish workers shack up, and other immigrants - in other words a ghetto. A small apartement in this shithole still costs a minimum of €80,000.
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