This video explains that different markets came down harder in the last crash. The biggest predictor was how much values went up before the crash.
The host explains that values tend to go up with wages, jobs, and inflation. When values go up substantially more than that, there is a potential for a crash.
He also believes that the cities that had the biggest crashes last time, are more cautious and less likely to overbuild into a housing bubble. He says that Austin and Nashville, that didn’t get hit hard last time, are building very quickly and may be hit the hardest in the next crash because they feel they are invincible. They didn’t see a big housing crash. But they fit all the criteria that Vegas and Miami did last time.