While some housing markets may be showing signs of problems nationally, Pacific Union Econoist Selma Hepp reminds us that all real estate is local.

It is dangerous to make broad statements about the national housing market. If anything has become even more evident during the current recovery, it is that regional housing markets are highly different, and what happens in one market may have absolutely no bearing on others.

That's why issues of the supply of move-up and higher end housing growing and prices falling in some markets shouldn't been seen as signs of national issues.

The fact that home prices are dropping in some markets has little impact on others. According to the National Association of Realtors, the markets that posted a median sales price decline in the second quarter are primarily located in the Northeast and the Rust Belt — where cities have been losing population for decades — as well as areas affected by the decline in oil-related jobs such as Houston. Atlantic City, which had the largest home price decline in the U.S., has also been on a losing streak for years now, and the collapsed gaming industry certainly didn’t help its situation. Employment in Atlantic City peaked in July 2006, and the area has since lost about 20,000 jobs.

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