I can say with a lot of confidence that I can research a market and provide more basis for it having a higher RE value 10 years from now than a Midwest market can provide convincing evidence that their rents will not fall like Detroit did in the Great Recession. 

We were voted top ten markets to be in during our last recession in 2008.

And that wasn't even in a period of recession, just poor choices on their part that cost a large number of people millions of dollars. 

If you buy now and hold, it might not be a good decision, as seen in 2008 (recession).

Modulo that some markets will feel more recession that others.

There is a good chance in two or three years real estate will be cheaper as we may be in a recession.

https://finance.yahoo.com/news/blackstone-looks-cash-massive-recession-193800728.htmlTerry

One could argue that the fed could just increase interest rates to slow inflation but that would be incredibly difficult because private and public sector debt would become more expensive creating a recession if not depression.

As long as your rental amount covers all your PITI, CAPEX, vacancy and other costs every month, you should be able to ride it out if a recession hits. 

I do not think that banks will lose, since the governement will be there to cover the "loses".What is important is that something be done now and drastic to revamp the real estate market, slow down foreclosures to an acceptable level, ease lending requirements so new buyers/investors have an incentive to buy again.Something must be done to protect the jobs of Americans to ensure that they income is not lost and confidence level starts to increase once again.We as a nation must have the confidence in our resolve to survive this recession.