Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? 
Not to mention the $30,000 in repairs necessary to keep the roof from caving in on you during your sleep.
But yeah, lots of people are going to get filthy rich buying up these places, flipping them with illegal Mexican labor, and selling them for a massive profit when the economy turns around 2-3 years from now.
You can go on ahead and do that Nym, if you want to. I won't stop you (or get involved). 
Personally, I wouldn't touch any housing at this moment without an assured profit if I sold tomorrow and did nothing.
And yes, since JJ's situation involves a university getting in on the mix - there is probably a slight appreciation. Some deals could be done there now (even though most of the good ones were probably done before construction actually began).
I'd make a bet with you on where the economy will be 3 years from now, but,
a) I don't gamble (and don't usually like making predictions either, I don't have the balls for them).
b) If you win, you won't be able to collect since they don't have internet access in the Obamavilles we'll all be living in, though I do promise I'll paint a nice blue NY avatar on the cardboard in your memory.
