Housing "crashes" are rarely much more than 10-20% in the frothy California/New York type markets.
Bought in 87 for $290K, identical sold for $415 in 89, By 95 prob back to $320ish. Luckily we didn't need to sell until 99 for roughly $490K. Sold again last year for mid $900s.
Yes CA is ugly volatile, but mostly to the upside. That 90-93 puke out was the worst I've ever seen in this country. UK in early 90's (London area) was equally ugly if not worse. It's just pretty unusual for the haircut to be more than 20% in my experience.
Condos are worse than single family houses to the downside as you are now well aware.
