The CNN story
Chicago has remained pretty flat overall for real estate sales, with several hot neighborhoods and property types pushing highs in price per sq/ft, some neighborhoods hurting. So, it depends on what you have, what you want and where it is. Those buying in the last couple years for a "home" rather than pure investment seem to be doing fine.
A rate cut on bank borrowing may help you buy that new car... and you have to have a garage... and I know of several properties that have garages. Hmmmm.
Some analysis suggests the cut will reduce the "pain" of mortgage ARM re-sets in the national economy.
Again, in my little world of Chicago, things are good. Hopefully, people will begin to turn towards their own reality and make decisions, and not make decisons based on national generalizations.