Really depends on what things look like.
I hardly think most investors are going to be ready, and certainly not enough to cause some weird shift in supply/demand. As with most downturns, those who have really tight margins will go away, many will weather the storm, few will be in a position to really capitalize. In 2008 plenty of investors lost theirs shirts, no reason to think more will be ready this time that last.
That said, I don't see the next economic burden to be in real estate, most likely equities.