For those hoping for a large decline in housing prices...

No, you have a fundamental misunderstanding of that who is important on that spending pyramid.

The income and spending of the white collar worker was the lowest of any group. Most jobs lost right now (not all but most) are those who were paying just above minimum, if not minimum, wage. Out of all the workers the ones that have the smallest impact are those.

This impact may have mattered if their income had become $0, but in reality their income right now is (for most of them) higher than when they were working. You have unemployed service workers making upwards of $60,000/year right now between state unemployment and federal bonus. They did not lose their income, and when that unemployment stops, it will stop because most of the time they would have found a job and they can keep contributing to the economy.

/r/RealEstate Thread Parent