Housing activity remained at a high level all year, as lower mortgage rates apparently offset the restraint from declines in employment, smaller gains in income, and lower levels of wealth. Also, although delinquency rates have risen, few restrictions have emerged on the availability of credit to consumers.
It may not be entirely fortuitous/coincidental that the estimates of total potential write-downs and losses which range from USD 1.5 to 2.5 trillion also roughly match the amount of central bank liquidity outstanding !