The reason reason maybe US drop has not been severe

Houston was the worst case, about -30% from official statistics. LA was about -25 to -28%. Bay area was very smooth. NYC had some drop, I remember it was about -20% range. I don't know what percentage 1929's great depression had dropped. In recent 50 years, the drop was far less severe than rise. In high growth area, a single year can yield 30% rise.

That's the benefit of living in a strong country with long term positive population growth.