Housing recovery, really?

Its difficult to be too upbeat about the fragile housing recovery with the global economic situation looming. Pent up demand couple with low supply and low interest rates are part of what is driving it. RE is highly localized. However, what is happening to the global economy with the massive debt and irresponsible monetary policy could is going to have serious impact on lending, interest rates and inflation. I think sooner rather than later. There is simply no way out of this mess. Governments cannot continue money printing for much longer. The Euro Zone is doomed, China is slowing significantly both domestically and exports, as are India and Brazil. An you know the story in America. So what happens when we enter back into another global recession and unemployment notches up again domestically? 
Don't forget that foreclosure filings are still up and actually increasing.  At the same time if people are losing their jobs or not finding jobs there will be even more foreclosures meaning more bad loans on the banks books decreasing their ability to lend. This could have a deflationary effect. Then we will see QE3, 4,5, whatever it takes, but at some point there is simply too much currency supply and we could see hyper inflation and even a collapse of all the fiat currencies, mainly the greenback.
China and Russia have recently made a deal to old Rubles and Yuan directly and bypass the dollar. India struck a deal to buy oil with Gold instead of petro dollars. 
*Bottom line to me in RE is: Don't get caught up in hype with hopes of buying for appreciation. This recovery could be a temporary blip and we may be in for another downturn or a long, Japan-like stagnation. So buy right! The rental market should be strong for a long time. But make sure you have reserves and good insurance. We could go thru some serious turmoil and social unrest where tenants cannot afford their rent and or vandalize your properties.