I can definitely see society collapse when the middle class loses their decent incomes and massively defaults on their mortgages, and commits suicide some months later
Question is how many white collar layoffs does it take to really influence the housing market in a bad way?
My guess it's only a few percent.
If house prices start to go south, that will be bad news for consumers, all construction companies, and all lenders.
Now as usual the taxpayer will have to save the arrogant bankers..