Okay this is just a quick thought on this whole "recession". I wonder how many people are actually looking at today's home prices. It might hit some people (who bought their homes before the first crash in 04) at home with seemingly no end to the crash in sight. Is it a bad thing though?
Now people can actually buy homes instead of renting. A home on a 30 year mortgage at 6% for 40,000 would actually run you $118 per month. This means that you are able to buy a home no problem. Want to buy one outright in a safe neighboorhood? Reno's neighboorhoods are not that bad. You can actually pick up a 1Br/1Bth for as little as $25,000. If people are renting because they are scared to buy a house, they are just throwing money away. If you do not believe me, you can check http://www.realtor.com/ and see for yourself. Trust me, there is absolutely no need to throw money away needlessly when you do not have to.
By the way, whatever is bought now will turn around in the next 5 to 10 years. So you will really win if you can hold on to the property as long as possible.