On average, I think the long-term appreciation on houses is somewhere around 5% or so? If you look at housing from 2000 through now, I believe the average is around 5% appreciation. Obviously, some areas are higher or lower. The house is not a piggy-bank, it's an inflation hedge. The idea of the house as ATM machine and GDP growth engine was from 2001 through 2004, in 2005 and 2006, the real crooks took over.
If you take refis and shady financial earnings out of the last decade (most of which is long gone anyway), you pretty much get negative growth and negative earnings growth. Not a stellar performance. Fake never is.