Some readers think homeowners may be fooling themselves about their windfall. "I’d like a poll of homeowners (not the ones on this blog - but your neighbors, co-workers, families, etc.). I’d like to know how many of those who own homes (particularly those who didn’t buy during the bubble years) really, honestly, truly believe their homes are suddenly worth 2, 3, 4, 5, etc. times what it was worth in 2000 or so."

"My findings are that all homeowners are thrilled about it, but not one can really and truly justify it."

A reply, "I can justify why my house worth 50%-75% more than in 1999. In 1999, it was a 2-2, 8 room, 2000sf 1935 English Tudor brick with a 1980s remodel. In 2000, it was redone to a 4-3-2 half bath, 12 room, 3200 sf with a 2000 restoration to 1935 style, and modernized where appropriate."

Another said, "Yes, they can justify it! 'It’s the market, stupid! And housing is the only one that only goes up!'"

And another, "At least in my hood, I don’t think they care how much it is worth…Why ? They are not sellers….Its only important when you want or need to sell."

To which was replied, "Or brag, show off, and one-up loser renters like myself. Yes, I’ve been exposed to this."