Forget headline news, we're as safe as houses, say brokers.

Manhattan's fed-up brokers have given the media a rap on the knuckles for fanning fears of a crash in the housing market.

"Looking at our market right now, I don't know who could look at it and say it's a bubble," said Gregory Heym, chief economist at luxury brokerage, Halstead.

And Eddie Shapiro, founder and chairman of the Nest Seekers brokerage, fumed, "The bubble words are only created by the media and the industry is very uncomfortable with what [the media] has been creating in the last few months.

"The discussion of a bubble implies that prices are over inflated. There's no basis to them saying that's where the market is today."

And Henry Weber, president of RE/MAX New York added, "Over the past several years, the media has been full of reports by experts (Wall Street "talking heads") who are calling for the real estate bubble to burst, or the market to experience sharp declines. We don't know where these individuals are getting their information and disagree completely.

"RE/MAX agents across New York State who are working every day with thousands of buyers and sellers do not see the market the same way. They see growth and strength continuing."

The latest flurry of worry to hit the headlines came earlier this month when high-end Halstead released its August market report noting a decrease of 14% in the average price of a city apartment since June. The news had some publications reporting a "plunge" in prices from $1.332 million to $1.145 million.

The median price also saw a 12% drop, going from $831,250 in June to $725,000 in August.

But while the month end numbers were down, the figures were still up on last year, according to Halstead's president, Diane Ramirez.

"While talk persists of a slowdown in the market, fundamentals remain strong as low interest rates and tight inventory continue," she said. "While the rate of growth has slowed, prices in all areas remain well above 2004's comparable."

As most brokers acknowledge, third quarter numbers often see a dip as a result of the traditionally slow summer selling season but, as Corcoran CEO Pamela Liebman explained, there has been no dramatic shift to indicate the current white hot market is set to suffer a meltdown.

"People have been talking about bubble for so long now, it's the bubble that never pops," said Liebman. "The market doesn't move that fast, but operates in a natural cycle and there are no indicators out there that it's about to take a dip down."

Indeed, a list of evidence RE/MAX cites as to why the real estate market will remain strong for the foreseeable future includes:

* Interest rates, while slightly on the rise, remain at levels not seen since 1975. While it may be difficult in some areas for first-time home buyers to invest, the low rates have helped other areas of the State, that had been depressed for a very long time, to rebound.

* Increasing home values have given individuals increased equity that they are utilizing to purchase new homes and second homes, further driving the market.

* Real estate remains a good investment, although some Wall Street experts would want consumers to think otherwise. Over the long term real estate has proven to be a sound investment, and for many families it offers a much-needed sense of security not available with other investment options.

* The single and multiple family homes will remain in high demand because of immigration trends, especially in urban areas.

* Supply has not been able to keep up with demand for years, particularly in urban areas. This trend is not going to end.

* Real estate offers one of the only local real tax benefits available to Americans who are being pressured from all sides by increasing taxes.

* The current real estate market continues to attract individuals seeking careers. Few other business sectors offer the same freedom and opportunity.

* Vacant land to build on in the urban areas is scarce and subject to strict zoning laws.

"These are only a few of the many examples and trends that our professionals see every day," said Weber. "We are certain that the real estate market, particularly in New York State, is thriving and do not expect to see any dramatic changes in the short term.

"Only a serious national crisis could cause the market to shift dramatically."

Nevertheless, all the talk of an impending crisis has some brokers worried that the headlines will have a psychological effect on buyers.

"People have been talking about an inevitable price downturn in the market for years now. The assumption is that it's been up for so long that it has to go down. It's a fashionable thing," said Heym.

"Obviously there is a psychological element to every market. If people start saying something enough, some people are going to start to believe it."

While national chatter about the effects of the U.S. Federal Reserve's gradual increase in interest rates on the market, many New York brokers believe the city is well insulated from a sudden death. "New York City does not belong in this discussion. It's a unique market; it's a market on its own," said Shapiro.

"It's a first stop coming in from other countries. The dollar is weak compared to the Euro, so there's a tremendous amount of European money to go around. New York has foreign money and people who stay solid and stable.

"We have six of most prominent universities in world. We're home to the United Nations, some of the most powerful corporations, biggest investment bankers, and Wall Street. We don't see a bubble. We have a 3% vacancy."

Added Liebman, "There are a lot of projects coming online, but the demand in New York is very strong. If I were given the opportunity to build anywhere in the world, I would pick New York City. As long as the developers pay attention to market conditions, deliver the product the consumer is looking for and don't get ahead of themselves in terms of pricing, it should be fine."