Jed Kolko noticed minimal references to the housing crisis. His guess as to why both Romney and Obama held back:

Housing isn’t really a winning issue for either candidate. As the incumbent, Obama needs major housing policy successes to point to; as the challenger, Romney needs compelling fresh new housing ideas to put forward. Unfortunately, neither candidate has what he needs to make housing a winning issue for him.

Economic policy is the best housing policy. The housing market recovery depends on the broader economy. Jobs lead to housing demand; economic confidence leads to more lending and construction. Whichever candidate is better for the economy is almost certainly the better candidate for the housing market.

Suzy Khimm paraphrases:

[E]ach candidate had an obvious political motivation not to broach the subject: Obama himself has admitted that his administration didn’t do enough, quickly enough, to respond to the housing crisis. Its $25 billion mortgage settlement has already attracted mortgage fraud scam artists. And Romney’s own housing plan shows that he wouldn’t do much differently as president.