As someone who works in the Mortgage market (for a home builder no less), I think your friends advice is much too simplified to be useful at all.... Home prices are dropping, but they had been at RECORD highs... something that may interest you is find a hous for sale in a neighborhood you like, and look at the county appraisers page, it tracks the value the home has sold for, it's impressive to see some of the jumps.
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