I am in the greater Austin area, and the market of 500K and lower housing is booming, people is buying project houses cash like it is candy outside a school.

Yes, we have reached 2008 price levels, but with the growth rate here, shortage of homes (builders are selling out before even building), job growth, low unemployment, etc... not to mention a smaller scale tech boom out here, I'm confident with purchasing a rental to add to my portfolio.

Market cycles are real and for sure we should not expect another big boom in property values from current levels but can we expect a drop?

While your pretend investments are booming, get education under your sleeves and earn money from them.

The city is absolutely booming in terms of growth from yuppies, fueled by a booming tech industry, as well as the relocation of corporate headquarters into the city.

Definitely possible, but limited to very few people who day trade for a living successfully or making the right stock pick like putting a bunch of money into Amazon before it boomed. 

Single industry locations aka “Boom Towns” mostly reliant upon one industry like Oil in Odessa, TX for example) are indicative of areas I usually will not invest in no matter what the current market conditions are.

There are lots of tech opportunities booming in Chicago at least in my domain and I’m surprised it’s not reflecting on housing markets appreciating compared to what I'm seeing at other major cities.

It has been booming, and the price is still affordable ( kinda ), but you might need to do some major rehab.

@Paul ScozzariAfter the 2005 housing boom, builders used Chinese drywall was being supplemented because of the lack of U.S drywall supply.