I was listening to CNBC a few minutes ago, and heard the pundits (several) say that the declining wealth effect of the bust in housing is being offset by rising stock prices. WHAAATTT! The average person is leveraged at least 4:1 or 5:1 in housing, which makes every 1 percent drop in housing equivalent to whole lot more in actual wealth lost. Further more, much more wealth is held in real estate than the stock market, at least by the average family. The list can go on. Why do those smart pundits say such things.