Hi Todd,
Even in a downwards market, someone somewhere is making money.
If I were into real estate in USA right now, my pitch would be: right nows the best time to buy because the prices are low as supply of properties exceeds demands. Its a buyers market.
I would contact people working in medium to big sized companies that still don't have their own house.
1. Mailing list may be one way to contact these people
2. Organizing a free workshop "Buying a House in a Recession Without Getting Ripped Off" or something maybe a good idea and people may be interested in it...
I would also: buy Robert Campbells book and see if his system of timing the market can be automated for your region.
http://www.realestatetiming.com/
Maybe besides dealing in real estate, you could also come out with your own real estate tips and timing newsletter for other realtors by refining Robert's methods. Not sure if realtors will buy educational material during bad times though.
And lastly, I would focus on evergreen markets. College campuses. Where houses always rent out.