I think it's not sudden but was baked into the cake and the repercussions are still somewhat ongoing. Partly a problem with relying on misguided metrics, like GDP per capita or targeting an annual growth rate.

This contingency on imports/exports is a factor of both domestic and global consumer spending. Partly to blame is how the growth model, massive infrastructure spending and overcapacity in certain sectors clash with changing market dynamics.

I'd imagine some of this is a loss of momentum. Economic growth through 2008 was still riding on the stimulus and easing. Drying up of the Cantillian effect?

Not sure if it's similar with other residential/retail property markets, much personal savings/assets is tied up in property, more so than liquid assets. Then the tranche of debt at municipal and regional levels which varies in its size proportionate to the economy.

Maybe the larger proportion of value in realty buffers the economy from contagion when indices puke or under-perform.