Thought this article would be of interest.
Summary: The real estate Bubble first peaked in 1926, collapsed and partially recovered until 1929. From 1929 to 1932, real estate prices declined by 74%. During that turmoil, stocks outperformed real estate nearly 5 fold as an investment because it took nearly 40 years for real estate markets to recover.
Here is the link: Great Depression Real Estate Price Bubble and Collapse.pdf
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