Real Estate and the Local Economy

All we hear about lately is how bad the real estate market is and how precarious the rest of the economy is. Financial institutions have conspired with real estate professionals to to pull the wool over the eyes of unsuspecting consumers and now the sky is falling! Well, admittedly, some of this might be true. So too is the fact that we want more and we borrow more to get more ... and eventually the sky does fall. But, I don't see a faltering real estate market in Rochester, New York. The market, like many things, is cyclical and sure there are periods of activity and periods of repose. But the sky certainly isn't falling and I think it is as good a time as any to buy or sell real estate. What do you think?