How Bad Is The Housing Crisis?

The media has made much to-do about the housing crisis but is it really a crisis at all?  Yes real estate sales have been down slightly in the Rochester area for about the past 18 months but that is coming off the heels of almost 10 years of unprecedented growth.  Prices in the Rochester area are down about 5% overall from the 2006 highs.  Some markets are better than others but overall we are doing fairly well.  For a really good perspective on this issue see Dennis Kneales commentary on the subject at: http://www.cnbc.com/id/15840232?video=780461999