Those numbers were permanently depressed in 2008, and they're not coming back barring an extraordinary cultural shift that we'll see a mile off.The supply chain problems don't help, as Account Closed mentions, but they're not the driving force.

D.)Buy a nice condo on the beach in a depressed E.U. country like Spain, now selling for about this price.

But there are also areas of depression too it looks like.

@Sanjeev Advani, High cap rates usually reflect depressed neighborhoods where prices are low.

Historical (i.e, not during the great depression, the post WWII boom, or the 2000's bubble), home prices have only appreciated based on inflation.

I try to be optimistic when I calculate return on investment, and even if I go against NACA's rules that you have to live in the building (in other words I would rent out all three units) I am having trouble getting the numbers to be positive or even break even every month.For a NACA mortgage to work, you have to have an incredible confluence of low purchase price, minimal repairs, high rents, and a willing seller...in other words, we have a slim chance in California...the good deals get bought up in cash within days of hitting the mls.Don't get depressed, and keep looking though...where else can you buy property with no money down?

(Probably for less than 60K because if I did my math correctly, that's about all I could afford)My question is this...do I wait until I have more income and better credit to buy a multi-family property that I can live in 1 unit and rent out the other 3 or 4 (MF's are where I want to end up in the future), or do I buy an awful SF home in a depressed area for 15K or 20K, put a few bucks into it, and hope that I can turn a profit? 

Find a depressed town with one big employer.My town in the worst place to live in Kansas according to Google, I don't carry but there is always a sidearm within arms reach.

We pulled money out during the boom years and the area is now severely depressed.

People who wish for a recession are just admitting they can't compete unless prices are significantly depressed.