Real estate is local
I recently wrote a post stating that Case-Shiller is wrong. The point was that housing price declines were being overstated in the Case-Shiller index using only the 20 largest markets including many of the previously most overheated markets.
Take a look at this map from PMI Mortgage Insurance and the accompanying chart showing the 12 metropolitan areas with the most risk of price declines.
Note the concentration of red for highest risk in 4 states, California, Florida, Arizona and Nevada. The good news and the bad news and the good news: Charleston area has a risk rank of 4 (good) with a 10.5% chance of a price decline in the next 2 years (bad), down from a 21.9% chance in the previous quarter (good).
According to the report, Charleston real estate appreciated 1.54% in the first quarter of 2008 compared to 9.29% appreciation in the first quarter of 2007.
Affordability stayed about the same at 85.71 whatever that means 
Unemployment remains low at 4.67% and Charleston has also had good job creation and growth, one of the reasons our housing market remains relatively unscathed compared to many other areas of the country.
Links to the PMI press release, PMI Economic Trends report and the Appendix with the risk index for all 381 Metropolitan Statistical Areas. Lots of statistics for your reading pleasure.
Special thanks to Jay Thompson, The Phoenix Real Estate Guy for finding the material.