This is true, and some of those who bought multiple 'investment' homes in the hope of quick appreciation are in trouble now. The lucky ones sold in time, 2005, 2006, maybe 2007 (for less than top Dollar). The others will either foreclose or sink money into those 'money makers'.
These speculators were not really 'real estate investors'. An investor would look at rental income and quickly see that buying a $500k house in Las Vegas, that rents for $2500 a month is a bad idea. The speculators are gone, and some of them are now renters. They are paying now rent to the 'real' investors.
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