During the collapse of the last housing bubble a decade ago there were plenty of locations that continued an upward trend in prices.

If the market collapses, I'll still be able to rent these properties and they are located in areas that would appreciate once the market improves down the line (if/when it drops).

What's supporting the house - is it on a crawl space with jacks/piers as supports (in which case you can add piers from Home Depot to correct any sloping in the floor) or are there cracks in the outside walls (which may or may not require the placement of steel beams to support a collapsing wall) or are there cracks in the slab?

Could be the GOV will cause a local market collapse, rather than more generic market forces.

What happens if we have another real estate collapse?

@Ed @Ed B. when I worked for several hedge funds back in the crazy days following the collapse, I often found people in homes that obviously didn't belong.

If the saying "you make money when you buy" is true (and it is) then lets start getting optimistic for collapse as to buy cheaply.

If the economy collapses people are still going to need a place to live. 

Personally, I am praying for a collapse in the California SFR real estate market so that I can buy a second home in coastal San Diego County, Monterey, CA or maybe Paso Robles, CA.  

There is also another side to the coin, you could see this in the housing collapse, once the market flushed out the owner who could not float a property in bad times, you seen the market hit a bottom as people just refused to sell or rent it for anything less, they would close the door and just keep it empty vs taking less.