Ditto on DataAgent’s assessment of UCGals comment. I was about to write the same thing and saw her post while scrolling down. As much as many would like to think that everyone is underwater and crying plenty of folks are doing fine. When they feel richer they spend more of what they have and that is a major driver of the economy. IMO, this is far more powerful than the HELOC effect where those that dont really have money tak eon debt they cant ever hope to repay.