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Namely this passage from the wiki, is what makes me wonder:

A virtual end of inflation in the American economy, together with overbuilding in multifamily, condominium type residences and in commercial real estate in many cities. In addition, real estate values collapsed in the energy states – Texas, Louisiana, and Oklahoma – particularly due to falling oil prices – and weakness occurred in the mining and agricultural sectors of the economy.

I'm not at all familiar with S&L beyond the name and want to know more.

Namely this passage from the wiki, is what makes me wonder: > A virtual end of inflation in the American economy, together with overbuilding in multifamily, condominium type residences and in commercial real estate in many cities. In addition, real estate values collapsed in the energy states – Texas, Louisiana, and Oklahoma – particularly due to falling oil prices – and weakness occurred in the mining and agricultural sectors of the economy. I'm not at all familiar with S&L beyond the name and want to know more.

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[–] [deleted] • 2 pts

It isn't that the value of property falls, it's that it was over-assessed and then adjusted to a value closer to reality. The main difference between tulip bulbs and real estate is that real estate has an actual intrinsic value. So bubbles still happen, but there is a bottom price for land and there is none for tulip bulbs.

[–] • 1 pt

So bubbles still happen, but there is a bottom price for land and there is none for tulip bulbs.

ZH premium comment right there.