And we just like real estate...We live in the center of the Adirondacks in Northern NY, a beautiful but slightly economically depressed area.

@Michael Plante My strategy is buy & hold multi-family, focusing on depressed/motivated seller properties that can be rehabbed and rented out for cash flow; BRRRR preferable if the numbers and financing work. 

Inflation's gettin worse, and I doubt that we can recover soon, but depression?

My father who grew up as the Depression was ending has been waiting all his life for this to happen or at least it seems that way.

the economy is just fine.money is just changing hands that is allin the great deppression all you ever hear is about how many people lost and how much they lost.In reality during the depression more people became millionaires until current TimeCrazy thought but it is trueNow is the best time to be investing since the 80's

My lender has stated that he foresee a mass exodus out of the MCmansions and back into smaller, more affordable homes and I agree with that.It is rather depressing.

The mls is a great source for a few years of a super depressed market.

On the other hand, RE is also on sale, possible more so than ever (or since the great depression), and anyone purchasing RE now will alos come out ahead.The real answer to the original question is, what is comfortable for the individual investor?

Could we see the calling of loans as they had during the depression?

It is difficult to flip at present as the market is depressed (at least for another 2 years!)