Given the location of this conference, I should recall that one of the factors that make the current crisis so challenging and costly is the interaction among its various housing-related components (housing prices, housing finance and the construction sector).
Indeed, we know that a housing market bust was typically a feature of the costliest systemic crises experienced over the past century, including the Nordic banking crisis of the early 1990s and the Japanese financial crisis started in the 1990s.