You have completely ignored the effect falling interest rates have had on buying power and thus nominal home prices.

Absent something extraordinary, watch out when rates rise. Affordability will be crushed quickly, and absent rising incomes, prices will have to fall.

One could argue we'll see a Japan-style era of low rates, but in your article you're urging folks to "Buy now before it's too late!". If rates spike suddenly, this will be a very, very bad time to be long such a levered investment.