So you have homeowners laid off and wants to sell, at the same time you have buyers laid off so can't qualify for loan, thus the unraveling begins.

If the seller says it is too low just explain if the expenses are so high per year this is what it is worth, maybe they will "unravel" the assumed "increased expenses for tax purposes" for you.

Suppose, your mother is very elderly, not feeling so well, lived in a unit for 20 to 30 years and the landlord serves her with a $500 rent increase notice with the option to move within 60 days and her life is unraveled as she has to find a place to live and move all her belongings.

Agree with @Jay Hinrichs     It will take time to unravel deteriorating mortgages.  

At some point if the cure becomes worse than the disease and we are forced to choose between the lesser of two evils--one being the majority of the population goes back to work but puts others at higher risk and the other being stay home but our entire way of life unravels and we end up with massive defaults, food riots and 200,000% inflation, I'll go back to work, TYVM.  

Even if it is the case that Cali is past its prime, it would take a long time for places like the Bay Area to unravel. 

When buying properties - you cannot feel bad for passing on a project that is not profitable - it's a numbers game and you are going to look at a lot deals that don't make any sense - and you are going to see deals that look good on the surface but start to unravel when you peel back the layers - that's OK .

So causing problems for my tenants and having to unravel issues is not my ideal way to spend an afternoon.