When it comes to home purchases, there are the rich, with $1MM+ existing home transactions up a recoveryish 13% in the West, and then there are the poor, where in the cheapest bucket have crashed a depression-like -45% (no, not due to the weather).
Why is this an issue? Because homes priced $500K and lower represent 90% of all existing home sales. On the recovery-ish end, homes priced $1 million and above are just 2.1%.
Or, to summarize, Rich 1 - Poor 0... Just like the Fed wanted it.