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While I agree with you about the need for housing stock being an ever-hungry monster, I think that you're missing host's point. He's using mortgage lending as a barameter of the overall economy. I'm the one guilty on focusing solely on housing stock and pricing, which while relavent to the overall picture, resides outside his arguement.
Also, a rise in foreclosed properties is a major harbinger of economic problems, and it's rarely so simple that a family just "goes back to renting" since foreclosure usually means a rash of other monetary problems. The foreclosure is usually just the icing on the cake.
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