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Who still believes there is no such thing as a national housing market?

I still hear pundits and people with a vested interest saying there is no such thing as a national housing market. I am curious to see how many people actually still believe that. 10 points to whomever makes the best case for or against a national housing market.

Public Comments

1. If you contrast upstate New York with say California you can see one went insane then collapsed, while the other hardly moved. Also the Pacific North West is still going strong with price increases and brisk construction, while the rest of the market remains flat (at best) though who knows how long that will last? Niche markets like Santa Barbara San Francisco and Silicon Valley seem to resist downsides better than the mean. Overall though the market is somewhat national because its dictated by lending, and since most lenders are national, so goes loans, so goes the market. It’s a mixed bag I suppose. PS I’m almost to level 2 : )
2. A National Housing Market sounds really cool...but it is non-existent. Our economy is made up of thousands of micro-economies. Those micro-economies are what affect the housing market in each area. There are national trends and policies that affect localized housing markets but we can't speak about the housing market in one homogenous statement like we can the stock market. Each micro-economy has a different mix of unemployment, salary, industry, etc that affects its local real estate market.