Yes, but I need to add 1 more. 9 out of 10! People own a few million houses does not mean they have a few million dollars. They may only put 0 to 5% downpayment. I know someone bought a $3 mil house, but only put 5% down, $150K. I am sure a lot of people here have $150K or more.
After the real estate crashes, 9 out of 10 will become negative millionaires sicne their houses will be under the water. Imagine some houses in RSF are up to $40 mil. Not to mention about 50% drop, 10% drop will be $4 million. A lot of people live in RSF are in real estate business.
