OC, circa 1990 to 1998. Housing prices in the tank. Employment, good but weak market. Rents, decreasing. About 1995-1998, homes could be had for less than equivalent rent.

The OC bankruptcy, was not RE related. However, I wouldn’t be surpised to see a repeat. OC went BK, because everybody was trusting the magically investment powers of the treasurer to generate big fat profits to increase their budget. Unfortunately, like the MBSes, they vaporized on risk and much like Real Estate, the hammer fell because of leverage. See Robert Citron in the Wikipedia.