<p>mahras, let's not confuse two things:</p>
<p>1) housing boom of the 90s due to the stock market "wealth effect"
2) the stock market bubble crash -> which led to massive interest rate cuts by the Fed -> which fueled housing re-financing / mortgage activity from '01--> currently </p>
<p>at any rate, you're not even addressing the main point (the stock market).</p>