re: Being "recession proof"

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Isn't the Atlanta market "booming" again? Do you see the same thing happening there?

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Pockets have recovered nicely, then again these areas didn't decline as much and are in better/more desirable areas, people buying 20-30 miles out may never recover as know one wants to live that far out and deal with gas prices and commutes, some of those developments were very poorly planned. Until mortgage rates popped up recently sellers in desirable areas were receiving multiple bids at or above asking price on the first day of listing. Many areas outside of the I-285 perimeter, which became known as the circle of death, are still well below 2006/2007 price levels. We are roughly 8-miles from downtown, bought in 1998 and have put about the same $ amount in renovations in the house as the original purchase price, and, based on recent sales, are fairly accurately down 5% which isn't bad given the level of reno my wife wanted. I would be just as happy in a tiny house with moderate upgrades but go figure.

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Do you see the same thing happening there?

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Depends on if people have learned their lesson and what happens with lending. I am buying into another commercial property, it is priced a little over 22% less than it sold for 5-yrs ago. It can be a slog but worth the work. I make a point to not become over-levered, it makes life a lot less complicated and more enjoyable.