I was talking 30% as in mortgage payment only, not total debt.
Still not sure where you get 30% from as no lender requires that - usually referred to as the top ratio, and the total debt ratio is the bottom ratio. Lenders use the 36%-60% range even if the only debt is a mortgage - they are only interested in the bottom ratio. And there are a ton of "No Ratio" products out there that don't even look at DTI, along with "No Income" products.
Real estate will be fine. Sure there will be an adjustment...who knows how big, but it is only temporary. It will come back, it always does. My brother's house dropped 37% in Huntington Beach in 1991. Even if the 42% drop happens now, that house would be worth $1.45 Million, and it was worth $500K after the last adjustment of 37%, and he bought it for $800K...still $750K ahead assuming the "BIG" adjustment hits.