[quote=EconProf]..
I recall the early and mid-1990s apartment market in San Diego. When gloom and doom prevailed as apartment vacancies were in the teens, a few brave souls bought buildings for $30k per door, slashed rents, and filled up, much to the distress of mom and pop owners who refused to face market realities. Many of them suffered 30 to 40% vacancy rates rather than cut rents. Most went under, adding to the inventory for the bottom-fishers to scoop up.[/quote]

And some people insist on calling this the end-of-the-world RE-driven recession. It’s still way less severe than even the last RE downturn.