Some people don't have "stable rent" as they may have something akin to an ARM. Besides that, some people purchase homes to fixup/sell as a way of personal/bus

Some people don't have "stable rent" as they may have something akin to an ARM. Besides that, some people purchase homes to fixup/sell as a way of personal/business income. Others may have purchased just barely in their means and now inflation going up on necessities has pushed them out of their means ... and they need to sell but also can't afford the loss in a declining market. Others may be relying on the value of their home for retirement related expenses. My point: there are a lot of situations that a declining market makes worse. Depending on how far down it goes, you can see a lot of people hit hard times which can lead to real economic pain for everyone.