The upper classes don’t depend on housing to resume and continue spending. In fact, they have powered through the recession already; and luxury brands recorded strong growth.
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IMO people care about housing to the extent their net worth is tied to it.
Because most of the net worth of middle class homeowner is tied to housing, he surely cares a lot about it!
For upper classes it is optional. They do indeed have a choice to own a house such that it is not a big part of their net worth and if that is the case then they are not so worried and don’t change their lifestyle.
However this country has its selection of really expensive and exclusive houses! Even for upper classes those can make up a huge portion of one’s net worth. Add to that those who got swept in the hysteria to buy many more such houses as “investments” ! Those people do have sleepless nights and need to make lifestyle decisions!
