It's only a depression for the depressed. To those who aren't, it's an opportunity. Think about it. The housing bubble bursting is a huge, and very sweet opportunity to those who are prepared for it. It is an unprecedented time to buy up properties to turn into rentals. A home that sold for $400,000 two years ago, can be had for between $120,000 and $175,000 right now. Renting the $400,000 property would make no sense, but now at $120 or $175, it makes total sense.
You've heard it said, "for every up, there is a down." There are always two sides to an issue. Instead of focusing on what's wrong, all you need to do to change things is to focus on what's right, or what could be right. So, maybe you didn't prepare and you cannot take advantage of the opportunities, but you can still see them as opportunities and that change in thinking will have to have a positive effect overall on you and your results.
I have a little eBay and half.com business online. Sales are currently off over 60% from two years ago. The good news is that prices have fallen dramatically and I can find some really exceptional buys on inventory to get ready for the return of the market. I just bought something for less than $20 that I sell for over $300. Another buy I just made was on some audio's that I would sell for about $800 give or take and I paid $89. That will work! I don't mind sitting on them for a while. I'm finding more buys like that than I have money to buy! That allows me to be selective and buy just the ones that are going to give me such a great return. In one product line, I have now bought up virtually everything on the market and now have the world's largest collection. It took three years, but it is now a huge collection worth thousands. Awesome opportunities are all around us all the time and not only now, but especially now!
Do the best you can with what you have to work with, but always looking for the opportunities instead of the problems will serve you so well, you will wonder how you lived the other way for so long!