Of course it is! There will always be corrections. But how likely is a crash like we had 15 years ago? Not very. Conditions are different, and sub prime mortgages have not been driving the appreciation. It's been high demand and low inventory. Interest rates are on the rise, and that will slow home sales, but most homes in Sedona recently have been purchased with cash. Check out the opinion of Moody's chief economist in this article in Yahoo!finance.