Why? Where else would the money for the down payment come from? People don't keep tens of thousands in their checking accounts.
It is hard to imagine anyone affording a a mortgage if their savings are rotting away at 5% less than inflation.
Im just shocked that some people think stock is some SV alternate reality. I grew up in a rural community before the internet, and even then, nobody I knew was long term saving for houses or retirement with a savings account.
I do agree 5 years is a while, but it's also easy to say that right now based on the last 5 years. It's not terribly difficult to find 5 year periods where returns aren't very good or flat out bad (e.g. starting investing in 2000).
Anecdotal Source: Every single person I know who has bought a house, myself included.
If you wish to counter this source please provide data supporting your claim that all home owners have stock options to liquidate.
You don't know anyone that has sold stock to pay for a down payment?