I don't understand your first point. Could you please explain? As for the second, you realize your gain when you sell your house at which point you need to buy

I don't understand your first point. Could you please explain? As for the second, you realize your gain when you sell your house at which point you need to buy another which price has also skyrocketed. So unless you end up renting or you buy a smaller house, those gains will be lost. Even if you buy a smaller house, the gain might not be that important as having to sell your own house that you took care for many years could also have a psychological effect... people think of those things in theoretical terms but selling a house is not like selling stock. That's why my point is that rising prices should not be presented as a universal good news.