What factors contribute to real estate dips or crashes?

[Alessandra Verbena]

It seems like the conversation always starts with... Will the real estate market crash in 2020? Or, will it crash in the Bay Area? Or will housing prices dip in California? I would like to pose the question from a different angle: What are the numerous factors that can lead to an overall decline in real estate market? I think this could help people gauge the factors that precede a dip and how many of those boxes are checked at any given point in time.

Please name as many as you can. For example, we know that interest rates are one, what are some others?

Also, I would like to pull the knowledge from long-term investors who have memory of previous declines in real estate that were as marked or less marked than 2008, so we don't just rehash the most memorable real estate dip in recent history.

Thanks in advance.