Well, for the 2/3 of Americans who own their home, for starters. I doubt the bottom falling out of the housing market would do anyone but speculators any good.
Only 57% of Californians own their own home, second worst state in the nation. Is that part of your silver lining of inflated home prices? There is one good thing, one could sell their home in Mexifornia and move to an illegal alien non-friendly state like Georgia and probably improve their standards of living without having to learn Spanish. Where do you live?