Yes, but what happened in 2008, and caused the crisis referred to by rapsey, was that housing lost a large fraction of its value. It was not a drop in construct

Yes, but what happened in 2008, and caused the crisis referred to by rapsey, was that housing lost a large fraction of its value. It was not a drop in construction, financing etc that tanked the economy; it was the loss of value, which left a giant hole in balance sheets. The apples-to-oranges comparison was introduced by rapsey, I merely provided the numbers.