system
A chat on subreddit /r/wallstreetbets
human
That’s the issue with housing prices. Very rarely do they just crash extremely quickly because the owners have the ability to wait it out. It’s not like a farmer selling apples and needs to sell apples immediately to cover his expenses. 

The bubble was caused by layoffs so people were forced to sell their homes because they couldn’t pay the mortgage with no job which created a downward spiral of forced selling. 

If the stimulus we got to Covid was in place in 08-09 there would have been no crash. Sure the bubble would have deflated but not brought the economy down with it.
gpt
Agreed, unless we have a big round of layoffs that effects a large portion of the population, I wouldn't expect more than 10-15% decrease mostly due to interest rates.