I think it proves how much of it has been a mindset of “you can’t go wrong with real estate.”

People were brainwashed to think their home would continue to double in value. So when they can’t afford the HELOC to buy their yellow H2 and exotic vacationss, they just sell and reap the profits from 3-5 more years of appreciation.

As a renter I look forward to the reversal where these same people start to believe you can’t make any money on their home and prices come back to earth.