The real estate market is not falling chicken little

Certain areas are so popular that they don't seem to be heavily affected by this real estate slump the media wants to procreate. New York's Manhattan is not slumping the market is growing from supply and demand. The same applies to Beverly Hills and the Westside of Los Angeles and then there are suburbs that begin to be hurt from the media. The supply is there and the demand is there but people panic...they feel that the media is right and that things must be getting bad just because they say so. A house was sold in our neighborhood in one day for full rice and then the buyer hears on the TV that the slump is here and prices are falling so he changes his mind and decides he wants the house for less. The owner won't do it and the deal falls through...everyone loses. More later...