Perversely, I think there is a case to be made that as long as jobs hold up, consumer spending could increase. When the shouldnt-be-homeowners who all bought houses beyond their means these past few years lose their houses and go back to renting and living with roommates/parents, they might actually have more disposable income since they won’t be spending as much of their monthly income on their mortgage and maintaining their home.

Just a theory. The way this downturn is playing out is really strange so far.