He's right on... I know the prospect of owning a place today sounds great, but we're still sliding down a declinging slope of housing values, and the end is not yet in sight.
Chances are really good that whatever you buy today will continue to decline in value, and you'll be paying on a mortgage that's more than your house is worth.
I'd recommend that you do some reading on rent vs. buy in this market, and I think you'll find that many analysts are pointing to continuing to rent at least for the next few years.
That being said, if you're considering living there for a long, long time (like 20+ years), it won't make that much of a difference in the long run.