Hard to know what to make of that. One possibility is that so many homeowners are underwater, that they're holding back their inventory hoping prices will rise further and eventually bail them out. But that shortage of inventory might then force new construction (since old construction isn't available).
Another possibility is that higher income families have decided that investing has little payoff (and holding cash has even greater wealth destroying effects), so the only wise thing left to do with the money is spend it -- thus luxury housing might be up, luxury goods sales seem to be okay, the art and antiques markets are booming, and exotica (such as antique sports cars) all doing well.
But no money to back a small employer. Sick!