We're on the same page -- there's a lot of equity built up in houses -- but my point is that there won't be any new equity being built up.
And as far as a source of funds to supplement "real" savings, I'd bet that the people who take out equity loans to finance their lifestyles are not only already maxed-out but will soon find out that that game is over, and the people who don't take out equity loans aren't going to start.
Could be.
What percent of homeowners do you figure is in in that category?