My feeble male brain can only process pictures, and here's a great one of land values over the last 40 years.
The argument made by the creators of this image, is that the value of land is what actually appreciates, not the improvements (home, garage, etc.) built on it.  There is sound merit to that argument, in that structures built on land deteriorate and depreciate over time, thus slowly losing value.  This image truly is visual reinforcement of the old real estate adage, 'location, location, location...'  There are two important thing I always tell my clients when looking for a home: 1. You can never change the location of the land you own so have an idea of the lifestyle you want when looking; and 2. A wet basement is the only thing you can potentially never fix with a home.