” That’s a big reason national statistics don’t represent (all) local markets “
Conversely, just because houses in your neighborhood are selling like hotcakes, it’s not indicative of national recovery....
Houses in my neighborhood are not selling like hotcakes. That wasn't my point. In my neighborhood, housing did not experience anything like California's "bubble." Our housing prices didn't go into orbit. Therefore, when the adjustment came, housing prices didn't drop all that much in Oklahoma. But the market is still slow, just like everywhere else.
It's slow because lending regulations have tightened across the board. The market was on fire thanks to that fat pig clinton insisting bad credit people get loans. The lending market crashed and now lenders don't lend to bad credit risks. They discovered why those people have bad credit in the first place.
My point was that it's impossible to declare a national "condition" of the housing market because different areas of the country vary widely. That's what the article is suggesting.