4 ms·During the GFC of 2008, real estate values went down, despite the factors you mention.by martincmartin 4y agoDuring the GFC of 2008, real estate values went down, despite the factors you mention.lupire 4y agovecinu 4y agoSome markets were less impacted than others, San Diego for example went down a mere 20% at the trough. Over a longer timeline, housing has appreciated by hundreds of percentage points in SD.