“From what I read, for the majority of people, their house is the main source of net worth. Employer retirement savings might be the only other wealth they had. When house prices fell, that was, over all, a large decline.”
Imagine the people under 30 who have no savings and no house, coupled with low salaries...
No, I just have to remember. BUT, not to overlook the fix those people are in, they wouldn't figure into "loss of wealth" statistics.