Maybe in some cases. My daughter doubled her money in three years on a 2BR condo in Alexandria VA. Got her family into a nice home in Cincinnati OH.
Stating the Housing Boom is smoke and mirrors doesn't mean you can't make money. It is a marketing tactic. 'The Powers that Be' are trying to stimulate a supply and demand. In the short run, money can be made. But if they can't stimulate the momentum they are trying to push....it will crash.