Just to fuel the fire...
"Panama City, FL, topped Business 2.0's list of the top 10 markets that will be great for real-estate investments 'for those who have the patience to buy and hold." (from the Wall Street Journal this week)

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They apparently forgot to include the caveat that appeared at the bottom of the original Business 2.0 article about Panama City, FL:
"CAUTION: Local politicians, notoriously cozy with builders, have green-lighted several master-plan communities for future development. If supply gets out of hand, prices will stall."
.
That's where he got it.
I think it actually said that! Correct me if I am wrong.
The article does state:
'for those who have the patience to buy and hold'