You’re right that a lot of people have spent their appreciation. You wouldn’t believe how many people I see who have say, bought a house in Clairemont 10-15 years ago for $150,000, which is now worth $500,000, but the problem is they owe $400,000 on it. You look around the house, and they sure haven’t put the money into their house. Where did it go? Hopefully into something partially constructive or productive, like a college education or into a business, but they most likely just blew it.