Is there a difference between a "crash" and a gradual downturn? The media loves to call things "crashes," but it doesn't mean it's justified. I live in an area with extremely high-priced real estate. The market is not as robust as it was a year ago, but I would hardly describe it as disastrous.
Real estate is quite a bit different than stocks. When stocks go down they can really plummet, whereas real estate usually doesn't lose that much of it's value even in a downturn. The problem is that a large number of people have very little equity in their homes. So if a $400,000 home goes down to $300,000 those people have just lost $100,000 they don't have. Stocks on the other hand are ussually bought and paid for, so even if you lose big in the stock market it doesn't land you in debt.