Don't you worry about me!

I can see why people gasp when I tell them what I do for a living (manage a real estate office) after watching the news. Sometimes, I even sense sympathy, as if they are think, "oh you poor thing, you must need a warm coat and a bowl of soup." I am here to tell you, regardless of what the media reports people still buy and sell homes! Everyone needs a place to live.
What gets lost in the translation to the consumer is how numbers are reported in the media. They treat real estate the same way shares of stock are treated. A share of IBM is a share of IBM. A three bedroom home in Gurnee, IL, is NOT the as a three bedroom in Benbrook, TX. Sales figures that are reported almost always are NATIONAL numbers. Think abut how sales slumps in the northeast Atlantic coast states and southern California can drag down the national average.
Now I may not know what is going on in your market, but if the economic underpinnings in your neck of woods are strong, chances are real estate is doing alright. Things like local job stability, taxes, schools, and future economic development are far more important to you than the national housing figures.
To find out what is going in your market, check the websites of your local real estate brokerages. Look for sales figures. Thirty to sixty days on the market, homes selling for ninety-three percent of list price or more, and more listings selling than not are all good signs. We have been spoiled by the boom of a few years ago, homes selling in a few days for above list price, but those conditions were very unique and not likely to return any time soon.
One final thought, one interesting National fact, 2007 was the FIFTH biggest year in homes sold on record.