[perl4ever]

"What you say is true only if you never downsize and never leave a hot market."

What you say is true only if you know exactly when to downsize and leave a hot market.

It can be the case that housing will always be more valuable in one place than another. But it can't be the case that the rate of increase will always be dramatically higher, because that will lead to a runaway differential. Therefore you have to expect a correction at a time that is uncertain.

[all_blue_chucks]

No, that's simply incorrect. The rising tide of inflation will lift expensive house prices more than inexpensive house prices. And no matter where you live, there is always a cheaper place you can go to when you sell your home. It's called a cost of living arbitrage.