Tg I think there’s a fourth demographic: those who feel they missed the get-rich-quick train during the latest bubble and were priced out, now feel the train has slowed down and they can jump on. Years and years of RE cheer leading isn’t easily forgotten by the recklessly optimistic.
Someone on another thread called RE a crap shoot. I think today it’s more like roulette. Craps has great odds of coming out ahead.