It's true, at least locally here in Sacramento. Houses have dropped 15-20% in the last 18 months, inventory is the highest in years, houses are staying on the market for months with multiple price reductions. And the slowest time of year ia still to come. If it doesn't turn around in the spring, you could see a big buyer's market that lasts another year or two.
Prices in your neck of the woods are hugely inflated. They need to level out. Housing prices are probably 10x what they are here. I guarantee incomes aren't.
Check out Zillow.com They'll tell you the value of your home and there's no "sign up" information asked...
The last cycle in Southern California lasted for around 5 years...I guess a lot of people don't remember back to the late 80's - early 90's.
I've posted a couple times recently that a friend in HI (Big Island) says prices are down 20-30%, tons of inventory. He thinks it'll get worse. He's been in the business as a realtor and a builder for around 25 years. I gotta ask him what he knows about Oahu.