I see your point also.. Creative destruction is actually a desirable thing for sure, painful as it might be at the time! Like the refiners fire.. its actually a good thing.
But the XJO won't be at 6K when inevitably what you describe happens...
And houses will get cheaper also... I rates will be locked here for the next decade at least.. I think Japan offers the best example, of the most likely path forward for a while here... So I'd wait a bit to see how things settle down a bit before borrowing a few mil to but some tiny apartment or cottage in one of our 2 big cities...
I think its just the degree of the contraction and pain that is in question now, not whether we do or don't..
As a younger guy, personally for sure I see endless opportunities... I also can only see huge pain for the western world looming in general.