No doomsday for 2017 !
2017 will have great economic growth in USA, watch out, but not for real estate (as mortgages are going up).
Second, 2008 downturn did not impact bay area really except in real estate and real estate related jobs.
2001 effect on bay area was worst on local jobs or economy, but not heavily on real estate. Rental rates were drastically down as many apartments were empty with no takers (as a result of high jobs loss). People ran away from bay area (as shown in picture) and population growth was down after 2001.
Regarding real estate buying/selling, foreclosures in 2001 was less effect than 2008 period. 2001 real estate sales impact was less as there were NO 0-0-0 loans (zero down, zero cost, zero doc loans). That time, we had 20% down payment was norm.