(1) A few likely upcoming issues with the housing market.

People are not paying rent and mortgages. Banks depend on these payments to remain liquid. Soon, banks will no longer have the liquidity that everyone is praising them for.

Then Real Estate goes full 2008.

(2) And how can someone buy a house now? If you are unemployed or furloughed, then you cannot send the requisite recent paychecks required to qualify you as a viable buyer. Even if you have the money, you are unlikely to qualify for a loan based on the current system.

(3) To properly value a home requires comparable sales (comps) in the neighborhood. With nobody able to sell their home, it's nearly impossible to properly assess value. How will an appraiser or bank determine the loan to value ratio when considering these issues?

(4) Bottom line - real estate is probably completely screwed and will be a huge factor in the likely next leg down for the economy.