You have to pay that mortgage, it doesn’t matter if your house can cover it or not.

What are you gonna do? Sell your house to pay off your mortgage? And then where do you live?

If you own a single house, the synchronized raise/fall of house prices only affect the speed at which you can “upgrade” to a more expensive home. So prices going down benefit you.

Everyone needs one house. When you sell your house, you have to buy (or rent) another one. If the value of your house drops by the same amount as everyone else’s, then you lost nothing.

In fact, you probably gained because if you plan to buy a more expensive house, you have to pay less.

The only people for whom the fall of housing prices would be negative are those that plan on having less houses. That is, you have multiple, and want to sell some.

The median citizen is no real state investor.

Yes, brain surgeons are working class. They earn a lot because they actually produce a lot of value. If you suffer from a brain disease, getting surgery to fix it is probably one of the most valuable things you can get (depending on the severity, it will be the most valuable thing). Additionally, it requires a lot of skill.