How can it be false? Let’s say someone bought a house in 1995 for $200k... today he already fully owned the house (no debt), & house worth $1.3 mil. If he wants to, he can sell it now & has $1.3 mil deposited into his bank account... how can his $1.3 mil is false? Even if the house price corrected for -6%, he still can sell it for around $1.2 mil. It’s money in the bank account.
