1. This hasn't been demonstrated. In fact, when there is a housing shortage in the areas considered that strongly hints that friction in housing purchase is due

1. This hasn't been demonstrated. In fact, when there is a housing shortage in the areas considered that strongly hints that friction in housing purchase is due to other factors than being able to match a buyer with a seller. So the average dollar value of this supposed liquidity is likely to be miniscule compared to the average dollar value of the capital appreciation. 2. I'm not going to get bogged down refuting bad analogies here.