Partly, this means that many illegals have already left. they were living somewhere, and those properties are now empty. The ones who were cramming 10 people in one house and the like were pushing housing prices up beyond what normal families could afford by pooling their resources. There are only a few stories about this and many more to be written.
A huge part of the demand was speculative buying of houses. In some markets in California, I’d heard that 60% of the buying was purely speculative buyers looking to flip houses for a quick profit. 60% of the demand gone. Poof!
While it will hurt many, returning to sane housing prices a good thing. Many will benefit being able to buy houses they can afford.