The market there has been too depressed for too long, especially with all the high income jobs coming to the city. 

its also a testament to a strong economy .. just not the amount of distressed assets.. we have to keep it in perspective there  never was as many distressed or NPN in history save the great depression of the 30s  then there was from 07 to 2012 ish.. and as you guys in the industry have flushed those through and either foreclosed or got them paying again.there just is not the massive tapes as there once were.. but us being a nation that is unlike any other ( easy credit) and govmit sponsored home ownership .. there is always going to be bad debt and such.and of course in the olden days most of this was done in the private paper side of things IE seller carry back.although I see CFD being talked about.. unless those are recorded to place a lien in time on title .. those seem to be pretty risky I would think

Getting back to the topic of this thread: even in the last downturn (which was a doozy); the great Global Financial Crisis 2008-2010, second only to the Great Depression 1929, plenty of properties in my market including some of mine did not lose value and some still appreciated.

When you sell your home, and you've taken generally descent care of it, given the market is neither depressed nor inflationary, you will receive the sums of the purchase price, taxes, insurance and upkeep. 

Detroit is still a very depressed city with high unemployment.

Washington like Oregon is so diverse... you just need to pick an area.As Brandon says the greys harbor area from out to the coast is really really depressed.. no appreciation for the near future but people have to live somewhere..

They live in this thriving PNW market and invest in depressed markets across the country for a few hundred dollars a month in cashflow.

Yonkers has a ton of multi family properties, most of them are in depressed areas but the few that aren't would most likely have lower taxes than other westchester towns and it's closer to Manhattan.

With the depressed cap rate you may be able to get 5 units at a similar price as a quad.Lots to consider.  

I imagine pricing on septic / well water homes is pretty depressed if there are water/sewer connection options nearby.