Here are some examples of previous real estate market downturns:
A look at past downturns – By Stephen Bedikian, Inman News
Market – Downturn Start Date – Duration (months) – Cumulative % Price Decline – Average Annual % Price Decline
Los Angeles – June 1990, 67 months, -27.1% cumulative drop, -4.9% per year drop
San Diego – July 1990, 68 months, -17.2%, -3.0% per year drop
Boston – July 1988, 43 months, -16.7% cumulative drop, -4.7% per year drop
New York – September 1988 – 31 months, -15.5% cumulative drop, -6.0% per year drop
Detroit – December 2005 – 19 months (so far …), -12.4% cumulative drop, -7.8% per year drop
– S&P Case Shiller National Price Index
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