Firstly it is called a correction, Anchorage rental rates have been insane for many many  years. This just a correction of sorts. 
Secondly more poeple are purchasing because of the glut of new construction throughout your beutiful municipality and prices are down due to said glut. Sure jobs have left but not high Paying jobs, as those poeple own/buy as opposed to rent. Go to a nice restaurant and see if you don't have an hour wait, and then tell me poeple are worried. Am I wrong?