You can still find the deals and incentives to buy premium parcels. When the market swings back (and it's already starting to) you'll either be the proud owner of a significant asset or the happy seller making a good profit. It's a win-win situation. See an example of a random zip code's historical land sales here.
Arizona offers a lifestyle made for these times: low taxes, low cost of living coupled with a high quality of life. A larger lot gives you the profound pleasure of walking outside your front door and owning a view that doesn't include the side of your neighbor's house.
Some sellers offer seller financing. That means no banks involved. The down payment and rate are negotiable. We use a mortgage servicer to collect and record timely payments. They can handle your property tax payments also. I work directly with some lenders who are now offering bank financing and construction loans as well.
When it comes to hard assets, it's hard to beat a parcel of land. Once it's yours, you can walk out on it, you can camp on it, you can build on it. In other words, you can actively enjoy your land from the minute you buy it. Try that with a stock. Or a bond. See an example of a random zip code's historical land sales here.
Even in the best of times, stock predictions might reach out as far as six months to a year--and we all know how wrong those predictions can be. On the other hand, land isn't normally as volatile as stocks and bonds, but current prices are still somewhat low (and rising). And, historically, land has appreciated.