Anyone who has a timeframe of longer than three years has heard this stuff before, many times. Even during general prosperity you'll have markets that tank.
In level markets no one has any business buying zero down. On wild markets no one has any business waiting one minute longer than necessary to get into the market.
In markets with 25% appreciation per year, watch out!
Do you see how this is different than what he says?
I don't like the numbers, but you have to look at each region and factor in circumstances which may be influencing national numbers. Building in flood/hurricane damaged areas is expected to be strong, but does it really reflect growth? Rising interest rates are NOT good, nor are a 30% increase in foreclosures. Equity loans, those can mean a few things, but generally it means people are consolidating high debt loads in order to keep their heads above the waterline. Not good.
It's wise to be cautious, and if you can pay off as much debt as you can in case things do go bad. The last thing you want is to be caught holding a large amount of debt when interest hits the roof.
I don't think it's a national crisis yet though.
All he's saying it watch for sudden changes.