you can unset PYTHONHOME to use the system default, or export PYTHONHOME=/usr to specify the prefix, to which Python will append '/lib/python2.7' (or whatever version it happens to be) to locate its libraries.
if you export PYTHONHOME=/usr/lib/python2.7, Python looks for libraries in the nonexistent folder /usr/lib/python2.7/lib/python2.7.
and if you export PYTHONHOME=, you are telling Python to look for lib in the current working directory:
jcomeau@aspire:~$ PYTHONHOME= strace -estat64 /usr/bin/python
stat64("lib/python2.7/", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib", {st_mode=S_IFDIR|0755, st_size=8192, ...}) = 0
stat64("lib/python2.7/", 0xff873efc) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7/plat-i386-linux-gnu", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib", {st_mode=S_IFDIR|0755, st_size=8192, ...}) = 0
stat64("lib/python2.7/plat-i386-linux-gnu", 0xff873efc) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7/lib-tk", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib", {st_mode=S_IFDIR|0755, st_size=8192, ...}) = 0
stat64("lib/python2.7/lib-tk", 0xff873efc) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7/lib-old", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib", {st_mode=S_IFDIR|0755, st_size=8192, ...}) = 0
stat64("lib/python2.7/lib-old", 0xff873efc) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7/lib-dynload", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib/python2.7", 0xff870ee0) = -1 ENOENT (No such file or directory)
stat64("lib", {st_mode=S_IFDIR|0755, st_size=8192, ...}) = 0
stat64("lib/python2.7/lib-dynload", 0xff873efc) = -1 ENOENT (No such file or directory)
ImportError: No module named site