Indeed, homes are some of the most liquid form of wealth, easily leveraged with loans to buy even more property They absolutely aren't. Transaction costs are

Indeed, homes are some of the most liquid form of wealth, easily leveraged with loans to buy even more property They absolutely aren't. Transaction costs are very high (6%), the time required to sell can be months. Borrowing against a house is not the definition of a "liquid asset". By that same logic a complex equity with no market could still be "liquid" because you could borrow against it.