I'm sure you've heard the NAR expression "real estate is local." I see you are an agent in Riverdale, and what applies to you is different than, let's say the Upper West Side, which is a vastly different market right now than the Upper East Side. The national stats have, for the most part, had no bearing on NYC, and NYC is far from one homogeneous market. I'd say do your homework - check market reports from the major NYC companies, do your own search on the absorption rate in Riverdale, and use those market statistics with your buyers and sellers.
So statistically, the state of the housing market will depend largely on the specifics of the location(s) in question.
The fact remains that as people are struggling with maintaining home ownership it is also a time of opportunity for those willing to invest time in researching, identify opportunities and accept the risk involved...
The new vision for real estate investment should include one of embracing longer periods of time. The days of 30% plus annual appreciation are history.....gone but not forgotten.