Imo 2008 is probably not the best comparison. What I believe is happening now is the China crash is the catalyst of a regional Asian&#x2F;emerging market crisis on a parallel with 1997. Note this was 18 years ago, and this not coincidentally is the average length of land price cycles. These divide roughly into 3-5 year depressions, then an upswing of just over 14 years usually punctuated around year 7 by a mid cycle recession and then an exponential ponzi period leading up to the crash.
 What is significant is that despite globalization broadly Asia and the West still seem to have separate land cycles. Weak as the recovery in the West has been, it is unlikely the Asian crisis will have a significant enough effect outside of the stock markets, indeed it is cities like London and New York that will attract much of the capital flight from the region. The time period for the Western cycle is likely to be 2019 mid cycle, 2026 crash.
I would also look at Australia and Canada however, as their markets did not correct after 2008 due in part to links to China so as well as being they may have become linked to the Asian cycle. And areas such as San Francisco which popped in the dot com boom are already in the &#x27;it&#x27;s different this time&#x27; denial phase so it may well be this region will not survive the mid cycle.