The demand shock is still a problem.
Massively front loaded federal relief briefly cushioned the blow, but the demand deficit is still there, mass unemployment is still there. Mass foreclosure and eviction is coming when UI runs out.
Also, debt deflation is still a danger. A lot of exotic debt is bound up in property based derivatives. Another real estate crash could have far reaching reverberations.
It's not wshcasting because I don't want a crash. It's not catestrophizing IMO because demand destruction and mass unemployment have already happened. The second order effects are clearly foreseeable, not outlandish boogie men. We went through something similar, but of a lesser economic magnitude 11-12 years ago.