-----------The Boston Condo had a HUGE 30 yrs assessment in 2007-8, our condo prices plummeted.

They should not be able to accelerate the loan on a whim, though, or because rates change or the value of the underlying asset plummets, unless of course there is a specific clause in the loan stating they have that right.The same should be true of a HELOC.

All the while, large layoffs were happening in droves, house values were plummeting, and due to the credit crunch, a lot of homeowners couldn't refinance. 

This would allow you to become a reit professional and gain further tax write offs.3) During the last crash of 2007-2009, markets plummeted 60%.

The association started a rigorous tenant approval process, put a cap of 20% tenant occupied, and made it as difficult as possible to lease, and surprise surprise, the values plummeted as the investors sold out as quickly as they could. 

Basically housing in my market has plummeted in decent areas.

When I think recessions I automatically start thinking about plummeting real estate values and how that could hurt me with my existing portfolio or if i'm in the right position it can be a great time for more acquisition.

Home sales would plummet.

Plus you almost have to time the market because if you pay too much and values plummet it can take years (decades!)

The building was involved in a lawsuit against its developer, which resulted in the building failing to qualify for traditional lending causing unit prices to plummet further in addition to the macro real estate issues dragging down the market at the time.