Housing may or may not have peaked, it may or may not be dropping...housing may be taking a breather due to lack of supply fatigue. If someone is fortunate to have no debt and own their home, then you have an inflation hedge. Relative buying power for your housing remains in tact.
Regarding the rest of economic handwringing, if you have a properly balanced portfolio of assets and actively rebalance periodically then the churn isn't unwelcome. I love the comment about the market dropping yesterday without the same level of zeal for the day prior. The stock market performance for the week isn't a big deal. Audiophiles have predicted 50 of the last 5 recessions.