So if housing did drop by 50% in a reasonably large percentage...

So if housing did drop by 50% in a reasonably large percentage area across Australia what sort of financial situation would the country basicly end up in?

Would the banks end up like CNP and ABC learning centers?

Where would unemployment end up?

Where would the national debt and dollar end up?

Anyone with some sound knowledge on this subject care to share their knowledge and thoughts as it's well beyond my capability to come up with a reasonable answer to these questions. I may be wrong but I can't see a 50% drop over a large portion being much good for the nation