“…The impact of fluctuations in household housing wealth on consumption has received widespread attention (e.g., see Abdallah and Lastrapes, 2013, Belsky and Prakken, 2004, Kishor, 2007, Bostic et al, 2009, Case et al, 2008, Guo and Hardin, 2014, Tsai et al, 2012, Zhu et al, 2019, among many others). There has been ample evidence that shows the economically significant impact of increasing housing wealth on consumption for the period leading up to the 2007 financial crisis.…”