Not real estate yet. That's my first thought about what sort of "contrarian strategy" you ought to pursue. Besides, how exactly would you get into the real estate game? REITs? If you were to purchase actual real estate it would probably be in California, still the most distorted market in the country. But the other markets remain distorted as well.
There are also some hints that in the major metropolitan areas, housing prices may remain depressed due to a reduction in the number of illegals seeking housing. There are anecdotes about Mexicans leaving certain predominantly immigrant communities to return home. But that's mostly a sideshow, I suspect: housing prices are likely to remain depressed for awhile due to other factors too.
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