Sanders puts the correct spin on it:
REAL income dropped, savings dropped, expenditures on energy increased (Obama told us this would happen), and little else left for housing.
It goes far beyond that. The US is ten years over built. The flippers seduced into the market hid the extent of the oversupply from those who actively desired not to see it for about ten years, but in the end that allowed things to get worse.
The market isn’t even close to corrected yet and has a quite a fall left before it bottoms out.