If it's just one company like Snapchat going under, then sure your house value won't go down because of that. But that's not what we're talking about. We're ta

If it's just one company like Snapchat going under, then sure your house value won't go down because of that. But that's not what we're talking about. We're talking about a bubble bursting. That's a lot of value going out of the economy, and a lot of people losing money. That makes investors in general pull their money back. It creates an economy wide recession.