So far it looks like anyone who bought after the beginning of 2009 seems to be in decent shape if we are looking at a long term holding. I would not argue with your latest call with one exceptional wildcard.
I still believe that when interest rates run high (early 80s model) then that will spell depreciation for real estate. Consequently it will be much harder for those who need financing to obtain it so perhaps things scale. However in terms of the classic, I bought my home for $A and now I am selling it for $B if rates run up very high then B may very well be less then A. Lots of factors come into play.
