Which has created a feeding frenzy of REO and Foreclosed  properties that has caused the greatest down spiral in property values since the great depression.  

Now that the market is depressed, they are back in buying.

The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression.

What is being talked about has nothing to do with Detroit.There are areas all across America that are CHEAP and DEPRESSED.

Its along the Hudson River, so it has some elements of a depressed river town.

There are other factors, but you want to avoid depressed markets.

MASS MOCA is a good draw but the town itself is a bit depressed with no real turn around in sight.I would try and get closer to the 5 college area or try the Springfield market if you dare!!

Make sure the lot has drainage/isn't in a depression or flood prone area. 

Just ask a realtor to run comps for you simple as that.. keep in mind much of rural Oregon has been in a deep recession depression going on 20 plus years

If lenders pull out, the next Great Recession could easily become the next Great Depression.