The rivers of ink and all the gymnastics we do to avoid saying the obvious: Houses/Real Estate has become the main asset where most people store/keep their wealth.
It has been this way for quite a few time, the banks like it, the boomers love it and the local governments can't live without it.
The chickens are coming home to roost on this one, and I'm talking about society in general not just a"correction in the housing market" at this point that is more or less meaningless when looking into the big picture.