We have 7 million more jobs available than on the market. We’d need a severe recession just to bring the job market into equilibrium. Meanwhile, the buyers the last 2.5 years have had the biggest downpayments as a % of purchase price and highest credit scores in history and homeowners have record equity as a % of value today. There is no big foreclosure wave coming in any normal recession or even severe recession scenario - it would need to be like depression level event, in which case housing will still hold up better than nearly every other investment.
I guess the proof will be in the pudding. I recall huge drops in market here in OC 2007 through 2009. There were great buy ops and many foreclosures in our area. Same happened in the mid 1990’s.