Nope. They can go inverse when, say, an economy collapses and everyone is forced out of their homes as they go underwater on their mortgages and but they still need somewhere to live. Kind of like 2008/09

> an economy collapses and everyone is forced out of their homes as they go underwater on their mortgages

People are not forced out of their homes when their mortgages go underwater, they're forced out when they can't afford to pay the mortgage (underwater or not).

or if the bank calls in the note because the asset/collateral becomes devalued.

Housing_price = rent * reciprocal_of_interest_rate