> The last time housing prices tanked was in the 1980s and it coincided with a deep recession and high unemployment.

The last time was 2007 (market peak in 2007Q1), and it coincided with the deepest recession since thw Great Depression; not only was the 1980s not the last time, but it would be hard to charcaterize any drop in the 1980s, even around the recession at the beginning of the period, as “tanking” (and if it was, a lot of the fluctuations during the subsequent expansions were “tanking”, too.)