Over the last 150 years, oil booms and busts have given rise – and laid waste – to hundreds of towns across the world.
http://www.bbc.com/future/story/20160715-the-ghost-towns-left-by-oil-booms-and-busts
The link is to a photo journalism piece on various oil towns that have gone bust. Some are old, some are from recent busts. They are from all around the world (although mostly from USA).
To paraphrase one regular poster "Its a Glut! of housing (in the wrong place)." Interestingly some of this glut of housing was never inhabited - so someone lost money on building for a future that never came expecting ever increasing trends of oil extraction [You know those graphs with future oil extraction always rising like IEA etc produces.]