As a new yorker, here is my observation

" Housing prices fell 6% between the end of 1989 and the end of 1990, after a major real estate run-up was terminated by the stock market crash. Home prices stayed flat for an entire decade."

One difference btw equity and RE is RE is not market to the market.

If I recall correcly, the average RE lost 50% after 87 to early 1990s in NYC. However, the data is in this article was produced because non MtM feature of RE.

One thing why retails like RE so much is exactly due to this non MtM feature. Retails can keep dreaming up the price since it not MtM.

Of couse, this time might be different

LOL.