"Now we have multiple crises hitting all at once; I call them the “10K Per Day Effect.”
1) Foreclosures by the millions in which owners equity (if they had any—and many did) is lost forever.
2) Excess home—and commercial—building inventories that will last for years (e.g., commercial real estate is overbuilt too—during the past 40 years, the US population grew 50%; but retail square footage grew 125%).
3) A collapse of the construction industry caused by too little work, too many competitors, too much price deflation—leading to unprofitable companies and bankruptcies—in which still more people lose money and jobs.
4) A collapse of all the downstream industries that rely on construction.
5) An unprecedented demographic “downsizing,” which will reduce demand for existing larger homes; shift demand to smaller, more modest home; and depress demand for everything that goes into homes, thus delaying recoveries in all those business segments".............LINK
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