Here in Utah, we haven't seen a dip that dramatic in home prices but we are down at least 10%.However, I still see and hear a lot of fear in the market.  

If you do a lot of flips, the IRS will declare you a "dealer" and that has pretty dramatic effects on your other real estate investments.

The politicians have changed the rules so I don't know how you avoid a dramatic shift in the discussion.

While I am saving roughly $100 a month in additional interest, the $9 k on my credit report, despite all of my bills being paid on time, has brought down my credit score dramatically---making it more difficult to qualify for a refinance.

Me personally I think the CA beach's are far nicer than any I have seen in Florida or the East coast.. simply because in Florida they are all FLAT... and on the West coast we have dramatic mountains coming down to the water... which gives you depth and character along with great beach's.. now the water is cold that's for sure..

In most coastal areas, RE prices start booming just after job losses hit their worst, then increase dramatically as job gains occur and unemployment goes from cyclical highs to cyclical lows. 

A new report from Zillow projects that the San Jose metropolitan area will be the hottest housing market in the nation in 2018, with home values rising dramatically: another 8.9 percent on a year-over-year basis.

The downside is also just as dramatic if you don't do it right.  

For example, most of the multi-families I've analyzed in my target area have a Cash on Cash Return of Less than 3% for the first 1-5 years, but then it dramatically increases after year 5 and again at year 10. 

They repossessed it and decided finishing it and running was more profitable than selling.And global changes could have dramatic effects.