1980 marked the peak of a house price boom; equities also peaked in that year, but these peaks were small relative to what happened in the 2000s. Real house prices hardly moved up before 1977 and then only by about 25% total. Likewise they didn’t dip much below the 1970s median.
7  L Laeven and F Valencia (2012), Systemic Banking Crises Database: An Update, IMF Working Paper 12/163. BIS central bankers’ speeches  5    The higher the losses assumed by private creditors, the greater the potential negative effects for the stability of the financial system.