If housing is (or going to soon be) so unaffordable that the vast majority of people won’t be able to afford one…or won’t be able to afford one without working until they’re near death/old age, then there has to be very large bad visible 2nd and 3rd order affects to the economy. If you’re spending so much for housing, rent or mortgage, then you have less money to buy clothes, eat out, fix your car, buy a new cell phone, etc. That means that these businesses will earn less, hire fewer people, and on and on. All that most definitely affects the economy—and yes, it will then most definitely affect the stock market.
So again, my question is when? I’m not buying this “stealth crash”. I think we’ll eventually see the signs I mentioned above…but again, when?