The comments about different behaviors related to direct experience with the depression,or lack of, are way too general IMO. Many people of all ages, by means of Helocs and cash out refinances leveraged boom “equity” constructively. It was expanded beyond what it would have been if it just sat there waiting for it to disappear or even to cash out at the peak.
Yes, there were absolutely reasons to refinance during the boom. Two of the people that I saw doing it best in my neighborhood looked to be at least 100years old. I think they had experienced the roaring 20’s. This dimension is something that the bubble blogger(especially HBB types) rarely gets. Sure, for everyone that did it somewhat right there were probably several who spent their good fortune on bigger, soon to be upside down houses,new soon to fail businesses, toys and fun. To not leverage was to stay neutral or to just enjoy average accrued benefits of real estate in the end.