The story is as expected: if the local economy is driven by oil, then everything sucks and, locally, it's a recession or worse. The low, low, low price of oil is great if you have a long commute -- but it really kinda sucks if you live in Alberta or Texas.
BI notes that 8 out of the 10 worst housing markets in Nationwide's ranking are in Louisiana or Texas. I would point out that Asheville, NC is where a lot of people in that region vacation. And Watertown/Fort Drum is suffering from Canada's economy getting hammered by low oil prices, their exchange rate dipping, and fewer Canadians coming over the border to shop in the area (it's a dead zone other than Canadians shopping and the presence of Fort Drum, which is perpetually at risk of closing but never actually seems to close).
Of course, if you live in a region which is suffering, it is hard and my heart goes out to you. On the other hand, what an improvement from some years ago when we learned the hard way how bad it is when financial engineering links the world's real estate into a single bubble, driven by the all too human desire to make risk disappear.