I bought this 4 bed, 3ba in Parker, CO for $320,000 from a seller who was depressed and stressed out and just wanted to get out.  

One thing to look for is an area where the market is depressed currently, but historically the area sees appreciation (like california, 2008-2013).Look, there are articles out there with EDUCATED guesses.

I work as a Social Worker in a hospital in Atlantic City; not sure if you are aware of our economy here, but we are one of the most depressed counties in the United States.

Second is experience, people who have never invested through a recession/depression have absolutely no idea that their investment could be totally wiped out - or worse if they have personal liability.  

Buy great properties that are depressed in value for trivial reasons (dated, smells, hoarder, etc) Also every-time I sell appliances or furniture out of a house I just bought I always think of Warren Buffet's Net-Nets where the value of the business was less than the liquidation of the business lol.

Tulips, South China Sea Bubble, Railways, Great Depression and Global Economic Credit Crisis/Credit Default Swap) IDK jack about Spain but I don't think it is the West Coast port for goods and birthplace for ideas/inventions for the rest of Western Europe. 

After dealing with senior living for my grandma and my mom, I learned that the choices are ridiculously expensive for families and many of the assisted living facilites are down right depressing.

The lower-income people who lived in these communities were beneficiaries of depressed prices, which allowed them to live in an otherwise unaffordable area at the expense of people who had to take serious haircuts on their housing prices.

She's been paralyzed with depression since. 

Florida was barely affected in the stock market crash of 1929 and the Great Depression, because of its poor financial state from the start.Market crashes always occur in the same manner.