I had a meeting with a local appraiser this morning to have her take a look at some lots that we have prepared and have available for clients.  They are located in and around the Medford and Rib Lake area, both in city, and a few country plots. We have seen some drop in land values, but nothing that would prevent building a complete home.  We are fortunate that the homes we build (Stratford Homes) appraise at the top of the market.  This helps offset any land decrease, thus making new home builds affordable for most families.
This is also good news also for anyone who holds a piece of land that they are preparing to build home upon.  If you are willing to be a little conservative with placing options in your new home, appraisal should still work, just as it has in past years.