In some places what was it up to 30% of new home purchases were by non-individuals. You had foreigners using it as a vehicle to hold cash and other businesses and funds riding the wave on up.
If those players pull out, this will be 2009 all over again. If there's other opportunities to make money, those guys will unload to free up assets to make money elsewhere while the average homeowner will be stuck in a depreciating asset.