Yes. And real estate is a massive chunk of collateral for the banking system. If you understand fractional reserve banking, you understand that nominal price declined in the collateral backing bank-issued debt results in a total banking system collapse.
If you think real estate is going to decline dramatically in price, you're suggesting that either the Fed (a banking system cartel) will allow the complete collapse of the very system that created the Fed for its own self-preservation, or we're going to get 2008 style bailouts with another zero added to the amount.