Why is the real estate sector in trouble at a time when stock market indices are breaking records?

In the United States and the euro zone: There is a residential real estate crisis ( falling construction and home sales, weak mortgage lending, etc.); Stock market indices are breaking records. How is this possible? This situation can be explained as follows: Real estate activity depends on nominal long-term interest rates, while share prices depend on real long-term interest rates; Liquidity is still very abundant, but is not financing real estate (mortgage lending is weak ), it is rather financing share purchases.