> So when prices go down, they will be underwater, having put money for years into an asset that now has no value.

This is only true for people who's housing prices are going down directly after purchase.

This is an incredibly poor article.

It seems to forget the same cautionary tale for when housing prices go up: is housing increase in real terms, there will be a higher chance that is will god down.

in places where the population is decreasing there is no such problem