Do you own your home or have land that you own? Foreclosures, insolvent business, etc. and unemployment will continue to grow. It will move to municipalities who will increases costs and/or cut services. Can you hold onto your home if you do not own it? Will it make sense to hold on to it if your balance sheet looks like the banks and business. In other words. Banks make decisions based on what is good for them and their stockholders, business makes decisions based on what is good for the business (and lays off people if need be), do private citizens make decisions in the same manner when they find themselves upside down in mortgages they will never recover the lost equity in? There are good people paying their bills that will fall if the worst is to come.
I rent in Seattle suburb and just bought ~15 cleared acres in central Kentucky. This downturn was not the main reason I bought there, but it was on the list of reasons.