There is hundreds of billions waiting on the sideline to scoop up cheap real estate right now. Blackstone, etc is salivating at the prospect. Yes, I realize people live paycheck to paycheck, but the very high unemployment benefit + free money + etc will keep most people in their homes. Now, their second car, student loans and all that other stuff will likely go, but people will do what they can to not get evicted, and most have equity in their homes if they need to sell now anyway to get cash. I plan on buying 2 more rental properties myself if we see a sizable housing correction later this year.
Home sales are dead in my community. I doubt many will have any equity if they sell. The people that are screwed, are the ones that have 2 mortgages. I am not as ambitious as you, but I am bargain hunting. I bought my current car new for 25% off list during the GFC.