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US person here
I was lucky to be in a position to buy shortly after the 2008 crash, so another crash would erase a good chunk of equity (but I see most of it as fantasy equity anyway) but otherwise I'll be fine. I was in DevOps/SysOps for a real estate tech company at that time (and until recently) so I got to see the weird market moves in real time.
Nationwide we've already seen about a 4% drop from the end of the 2022 sales season (Memorial Day - Labor Day) to the end of the 2023 season. That decrease is actually as bad the height of the 2008 crisis but the drops were most felt in the most overpriced markets. This allowed the rest of the nation buffer against it so it's not having a big effect on main economy metrics (like the consumer confidence index).
Basically the bubble deflated considerably without popping, which is overall a guard against a (really bad) crash. Of course 1/3rd of China's economy is their housing market and it's on the verge of collapse... I don't know what that will do to the US but it won't be good.
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The cascade of failures is a few steps further along. We had a total of about a 12% market decline in 2008 before enough dept bundles turned toxic for Bear Stearns and ANB to become insolvent. Those potential chickens are still in their eggs.
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