Business week put together a slide show that drives home the point that all real estate is local. Major metropolitan areas across the country display evidence of both unbelievable activity and regrettable slowdown. You really do need to look at it ZIP code by ZIP code and take unsubtle, unrefined generalized statements about the market with a grain of salt. If your goal is to make a sensible investment in real estate base your decisions on detailed analysis of local markets, as small as ZIP codes or neighborhoods. It's the way to reveal the real gems like Cambridge, Mass.
Here's the slide for the best and worst ZIPs in the Boston area