I have now seen a few timelines that recap the history of current economic downturn. These are always useful, but all miss the important role that local conditions play. Local supply and demand differ drastically from place to place. In the U.S., coastal and sunbelt places are where the demand is and (often) where permitting is toughest and supply most constrained. Home price "bubble" effects differed hugely from place to place.
This morning's LA Times includes "Hard times? Depends on where you live ..." Of course. Here is an early warning.
There is already reason to worry that the histories that are (or have been) written will miss the role of the local regulations weatherfront in the perfect storm.