@Chris Martin  I agree with you... those that think cash flow real estate is immune from a melt down need to simply look at  FLA  NV and AZ and central CA.. 

They aren't immune to economy-wide crises, but the volatility is not nearly the same. 

I am blessed because I [so far]am being blessed with the opportunity to live until I die. and I am having SO much fun playing with power tools, learning how to sand floors [ yes, I am using very special masks and all sorts of protection because of a supressed immune system] and I am getting ready to tackle repairing huge holes in the plaster walls that have concrete under them.

We are in a major recession nationally, you can’t expect that this area will be immune.

Thankfully, this sort of thing makes my job easier, but it's a bit sad that banks aren't immune from piling it on thick with their own clients who often think their bank is looking out for them just because they've been with them a while.

Activity in the advanced decision-making part of your brain (the prefrontal cortex) is reduced, and your immune system and digestion are inhibited.

But Bay Area was not immune to a down turn in 89 to 92 saw 50% devaluation in many sub markets of the Bay Area.. my brother in law picked up an awesome house in Los Altos hills in 92 for 1.2 million and in 87 it sold for 2.5   and now worth who knows how much 6 to 8 million probably. 

It never floods in the same way; it always floods, and no house is immune to flooding.

By the way, my response to the thread was not to defend investment in real estate or properties as some sort of inflation immune instrument but purely to clarify that the hypothesis (subject of the thread) wasn't/isn't scientifically verifiable with current data.

New construction is not immune to defects and I think it would be wise to get an inspection to make sure everything works satisfactorily prior to move-in.