Yes, karma is real. It is just as much a part of this action-reaction universe as rocket thrust and rocket motion.
We were each created in the image and likeness of God. Yet, God is not Homo sapiens. Thus, the real us are not Homo sapiens, either. We are potentially baby gods, when we finally decide to wake up, spiritually. But the power of creation is still there. When someone fears death, they receive death. When someone feels unlucky, they continue to be a jinx on life. When someone feels prosperous, they attract prosperity. When they feel loved, they will attract love, because they are creating love.
Karma is merely the reaction to one's action. As it says in Numbers 14:18, the sins of the fathers will be visited upon the children 3-4 generations hence. God is "slow to anger." This is code for the fact that karma doesn't necessarily happen right away. And this is a good thing. The 3-4 generations gives the perpetrator enough time to live out his corrupt life, die, be born again, and to grow up to the point where he will appreciate the boomerang he threw in his prior life. The hardened heart of the perpetrator will likely be softened by the mystery of the apparently undeserved misfortune. "Why, God? Why is this happening to me?" Their heart is now open. They may be willing to receive the answer.
Karma is never "bad." Karma is always an opportunity to learn -- to awaken the True self and to put the separate, egoistic pseudo-self to rest. Karma is an opportunity to turn from Ego to Love.