When my former employer decided I didn't need to work there anymore it was a very depressing and scary couple of days figuring out what was going to happen.I decided if I was ever going to go full time and make it work it was then or never.Now I would rank that as maybe the 4th best day of my life (Wedding day, and birth of daughters 1 and 2 still ahead).Look at it as the kick in the pants to get super serious about things!

Housing market is depressed and foreclosures not uncommon.

We can do things that most banks and Realtors aren't able,or won't, do.Lastly, some people just become ashamed, depressed, stressed out and do the "Ostrich Syndrome" which is to say they ignore phone calls, knocks on the door, and mail contact, bury their head in the "sand" and hope it all goes away until it's too late to do anything.Hope this gives some insight.

The depression, WWII, the opportunities that existed, the education level of the competition and the ethical environment that existed.

Back in the mid-30's, FDR passed The New Deal, which was just stimulus spending in response to the Great Depression.

And Boy have we been killing it in Charleston SC  the last four years.. that market is as strong as any in the country.. so like with all things I think it regional to a pretty big extent and regional within the state.Rural Oregon since the spotted owl and fishing died has been in recession depression status for 20 plus years now... but Portlandia is rockin and we crush it here..

Still others are looking to buy depressed multifamilies to fix (both physically and financially) and flip for quick returns.  

For instance, in the bond world, you have AAA rated bonds and if you've been investing in AAA bonds and that's what your comfortable with, if yields are depressed when you have money to invest, dropping down to a AA or A rated bond to get the same yield that you used to get on AAA bonds is taking on additional risk.  

Not sure of any depressed coal country markets, but that strategy would likely violate one of my rules for REI: never buy in a market with decreasing population.

1-One of his favorite sayings was "Econmists have predicted 23 of the last 2 recessions & 5 of a the last 1 depressions?"