Here's a long term look at the S&P Case-Shiller US Home Price Index. The vertically shaded gray areas represent periods of US recessions. We know the interest rates decline during these recessionary periods, but it may be very surprising to notice how well home prices have held up... even through periods of recession. A look at the chart reveals that home prices, indicated by the blue line, have done very well for the 9 recessionary periods shown. It's only the 2008-09 recession, which was led by the Housing Bubble, where home prices declined. This suggests that Real Estate is very often a great place to be when a recession hits.