No, I wouldn’t know how to calculate such a number.
However, if the national savings rate is negative and people are buying homes with 100%+ financing as well as funding a 401(k) or Roth, or other IRA, etc, a certain amount of money to fund these retirement accounts is effectively coming from borrowing and not from earnings/savings.
When housing payments ratchet up (due to ARMs, which not everyone has), people will do everything to save their houses since I believe that the consensus on the street is that the house is the best retirement investment, not equities. People are emotionally attached to their houses. They “bought” houses mainly based on emotions, so they will try to save their houses. Some will be successful at holding on and others will not.
That is why both stocks and housing will go down. People will try to save their house at all costs.
