No, think of what happened in 2009 + 2010. There was a wave of foreclosures, a buyers market on steroids. Properties could be bought at half their current prices.
If buy at 50% lower, your property taxes are half. If less than 20% down and paying PMI, that requirement kicks out much quicker since their is usually a v spike up. Could have 20% equity in a year or two. Much better than being under water for a long, long time, having bought at or near the top.