I wonder if baseball bats would work on the zombies..or maybe we should just save them for the lenders that make you overpay for appraisals,then proceed to lead you on all the way,only to "decline" your application for some random reason just when you're in clear view of the underwriter....:-)

Although, I have learned the student population base in all schools in Illinois (besides ISU) has been declining due to the state government de-funding grants.

Boise has seen meteoric appreciation since 2011 and prices could dip and you want to also be able to buy as prices are declining.  

@Carolyn Fullerwhenever someone you have shown your apartment to declines to rent, ask for feedback. 

Detroit and Cleveland for instance have declining populations.

Will it flatline or decline?

I'm worried about the market being at it's height, overextending leverage into properties with a HELOC, and losing my shirt in the event of declining home values.

I am not expecting it to be 2008 version of single family homes, but I do expect a 15-20% decline in non-distressed apartments and a 30%+ decline in REO/distressed sales. 

This is because every real estate asset kicking off $100k NOI is not equal and worth the same thing.For example - would buy a Class A multifamily yielding $100k annual NOI in a tier one city or a aging strip center in a declining market also yielding $100k annual NOI?

Price declines happen there first, since most wealthy property owners are more  aware of coming trends.