Its funny how people think of the 2008 recession.
I lost 2 years worth of work, and had to lay everybody off and do some side jobs. But our entire workload was for large government construction jobs, and those were based on property taxes.
But real estate wise, around here, anyway, the people who ate it were people who had paid ridiculously high prices for mcmansions or gentleman farms, with variable interest rate loans.
Ag land went down almost not at all, and nobody was selling anyway.
Small houses in small towns were down 10% in my rural area, while the 5 bedroom houses on the hill dropped from $850,000 to $600,000.
Still completely out of the range of anybody who just works for a living, and doesnt inherit or invest for a living.
For sure, people got laid off, and then couldnt make their 2 grand a month house payments.
I was lucky enough to have bought my place in 1995, at a low interest rate, so the "valuation" of my real estate affected me almost not at all.
It was the lack of work I suffered from.
Ag was NOT in a slump during The Crash
Think Snow Eh!