> Lots of people will spend a million dollars on a house and tear it down to the ground so they can rebuild. At this stage, you're not talking about regular pe

> Lots of people will spend a million dollars on a house and tear it down to the ground so they can rebuild. At this stage, you're not talking about regular people who are holding their house as their nest egg. Many, many people hold their house as a location they can put money every month that won't disappear and someday might make more money. The kind of people that are buying houses for the land and the kind of people that are buying existing houses to live in are two entirely different income brackets. Lots and lots of people are in the poorer income bracket.