Especially today when cash buyers with fast closing are even more attractive to some sellers.You still need to search for those market characteristics in my opinion:1.

Current Flood Zone risks in Tampa do not look good for those who Gamble with political opinions and do not understand the science of your Risk of flood. https://experience.arcgis.com/...

Couldn't pay me to gamble on the outcome of that mess.

That is a losing gamble in my opinion.I agree that a recession is in our future, but I don't think it will be a house buying opportunity.

As an investor buying at these prices and taking a negative cash flow loss each month and praying for appreciation is not investing its gambling.  

No risk would be keeping the money in your pocket and walking away because gambling is a pretty bad idea in the first place (I work in casinos, so don't tell my boss I said that). 

Is it considered as having characteristics of bond?

If the market isn't right for selling, hold onto it and keep collecting checks until it recovers.If you buy for appreciation, it's a true gamble.

Maybe Seattle will appreciate more, maybe it'll slow down or even go backwards for awhile, but if you're not cash flowing in the meantime it sounds like that's a gamble that's more trouble than it's likely worth.

Used cars are always a gamble unless you are a good mechanic or know one.