Based on what, your feelings? How about some facts from someone more credible than you? You know what a fact is, right?
Should the resale value of a primary residence be counted, independant of the expenses on the house as savings without proof of the status of it's value?
Proof of value can be estimated by similar houses recent sales. Are you saying we should ignore the $19.1 trillion in household real estate? Can we ignore the $8.2 trillion in home mortgages too?
You're presuming that it's proportional that because there are less mortgages than real estate all real estate has a positive net value.
Fact is a handful of extrmely rich folks throw that off considerably. You have stated nothing showing that the average home is mortgaged for less than it's worth, and that the average homeowner doesn't have debts which far exceed the equity in their home.
Problem is this was true even during the great stock market crash. One American had enough to bail the whole market out. It didn't stop the average American from losing their shirt or being overleveraged however.