If one scrolls back into American history, one can detect a clear pattern of cycles or eras: periods of considerable economic expansion, followed by periods of less economic expansion. Periods of extensive public policy activity, followed by periods of less public policy activity. Periods of extensive suburban sprawl, followed by periods of less development.

As more and more Americans entertain the possibility that $4 per gallon gasoline, may, in the long-term, represent a price floor rather than a ceiling, one can detect the rumbles of a shift in housing preferences, so says economist Glen Langan.

"The 3-bedroom house with a back yard is still a goal. That's part of the American dream. The house with a yard 30 or 40 miles from work, is not," Langan said.

Case in point: the Denver metropolitan area. Suburban and exurban home prices in formerly preferred suburbs, are dropping more than in areas closer to the city center, The New York Times reported.

Denver will hardly be the only city affected, Langan said. "Many cities that experienced a 'long-commute' boom or an exurbia boom during the low gas price area are vulnerable," Langan said. "It's the 30-mile commute re-think." Another example of a city likely to be hit hard is Atlanta.