Holy crap - that's a lot of percent.

Southern California suffers its worst housing slump in over a decade.

"The number of new and existing houses and condominiums sold during the month plummeted nearly 18 percent compared with September 2017, according to CoreLogic."

The wealth effect is real, and we are in a really bad feedback loop right now. And there are many negatives for which Silicon Valley will amplify.

For example - there are quite lot of people who are sitting on underwater RSU's now. (Restricted stock units. ) This is how Silicon Valley compensates people outside of your salary.

I haven't checked today, but when companies are down say........ 30% like Facebook and Amazon and Nvidia, you are not thinking about buying a house. You feel much poorer even if it was paper money. And if houses aren't moving very fast.... it sort of makes your butt cheeks tighten. Home improvement will be next.