instead of stock is that
1) the leveraged position (mortgage) felt less at-risk
2) I had confidence in the ability to get cash flow out of the properties to service the debt at
3) historically low interest rates
Yes, you won't lose 100% of value in your RE investment, but you're also extremely unlikely to lose 100% of value in any reasonably diversified stock portfolio. So it really is about market movement.
For each of us who was buying in the market trough there was someone selling... probably at a huge loss.