The dreaded R-word: recession. What does this mean for the housing market Q4 2019 thru 2020?

Let's get real. We have been in the longest recovery and eventually, we will experience a recession. Does this mean we need to hit the panic button and sell off our homes though? It's not 2008. And, a recession does not equal a housing crisis. The two are not the same thing. This is especially true in Irvine, CA. Let's review the last few recessions and how they affected the housing market, specifically in Orange County, CA