There's a body of work on this south of the border. The sense is that immediately after an event, devaluation occurs, but people tend to think it's not going to happen to them and tend to be optimistic. That's why people still buy homes in Miami Beach, which is going to be under water in 20 to 30 years. It's why people still buy homes in high earthquake-prone zones.
The most clear example in Canada is when the City of Edmonton released flood-zone maps. There was great fear that there would be devaluation of home prices in areas that were at high risk on those maps. It didn't occur to the extent that city council in Edmonton expected it to happen.
Devaluation can happen right after an event has happened, but people have short memories. That's the best way to put it.