The Real Estate market cycle(s)

[Micheal Waldrup]

Newbie here. In doing some of the reading here on the site, I ran across this graphic. http://www.biggerpockets.com/rei/wp-content/uploads/2012/12/Real-Estate-Cycle1.png

I realize that there a multiple versions of this cycle running at all times, where the local market may be at a different place in the cycle than the macro cycle. By macro, here I mean national (U.S.) market.

If you had to place the country as a whole into one of the spots on this diagram, which would you say we're in now? Does that choice differ from where you'd say your local market is? I'm trying to get a feel for recognizing this in both a micro and macro scale. I'd love to hear as many opinions on this as I can.