Whenever housing is more affordable (as it is now), it's a really good thing - not only for homeowners but for everybody. A few years back if a buyer purchased and financed a typical 90% loan of $350,000 at 6%, the payments would have been about $2098/month. Today the same home might cost $270,000, and with an interest rate of 3.5% would run around $1212/month. That's about a 58% drop! Imagine, $886 per month more in disposable income each month.
That translates into more buying/spending power which helps speed economic recovery for many years. The combination of lower prices and interest rates may have added as much as 12-15% to a homeowner's take home pay. A very big and happy number!