a bit of reflection from the us experience, page-4

Housing equity though is a dangerous illusion - like margin lending in stocks.
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I disagree with this - Margin lending for leverage isn't a roof over your head when stocks or other markets crash.

As long as you buy for the long term and not the short housing will always, 'eventually' recover, as would stocks, but you couldn't live in your stocks while waiting for them to recover.. LOL