I don't think the author was wrong (which seems to be the underlying implication of this article popping up seven years later). Sure, the housing bubble burst, but that was over a year after he wrote this article. A lot can change with the economy in a year, and obviously not everyone in 2005 thought that housing prices would fall. Indeed, if the majority of people in 2005 had thought that prices were going to fall then prices would have peaked in 2005 instead of 2006. If you look back after every downturn you will always find people who were bearish and you'll call them smart. You'll also find bulls like this guy and you'll call them dumb. But maybe it's more about being lucky or unlucky.