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Specifically, the negative effects of holding very pessimistic house price expectations on secondary housing purchases are more pronounced at the top of the wealth distribution than at the median, while the opposite is true for car purchases.
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Even forecasters who were too optimistic about jobs were too pessimistic about housing.
Nuala Sharkey, who is chasing the housing application, is pessimistic: "They have a house in Nigeria," she says with a sigh.
Builders remain pessimistic about the housing market, although their mood has improved slightly from this summer.
"So suppliers were already pessimistic about the housing market before Sept. 11," Dr. McCarthy said.
"If we vote to leave, I am pretty pessimistic about the housing market... there will be a shock and I think the market will stay pretty weak for some time after that".
The number of homes changing hands is expected to slump this summer in the wake of the UK's vote to leave the EU, with estate agents and surveyors more pessimistic about the housing market than at any point since the late 1990s.
There is another characteristic that we have observed about markets in general that make us pessimistic about the housing market.
Sir Steve Bullock, Lewisham's mayor and London Councils' executive member for housing, is pessimistic about an overall loss of social housing being avoided and points out that unless replacement homes are accessible to such as the rising numbers in temporary housing in his borough "it will just make things worse".
I find that housing investment and car purchases are negatively associated with pessimistic expectations about future house price changes and with uncertainty about those expectations.
Housing investment and car purchases are negatively associated with pessimistic expectations about future house price changes and with uncertainty about those expectations.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com