No, it is debt.
Consider. If I want to buy a house and I have $100,000, that's as nice of a house as I can buy.
But, if I can borrow an extra $100,000, now I can buy a house that's worth $200,000.
What is the effect on the price of housing if everyone can borrow more than they have to buy the asset? Buyers are no longer competing with their own wealth, they are competing with credit. The buyer who can get the most credit gets the house he wants.
It's literally the exact cause of the housing price boom that has enslaved us all. Houses don't cost that much; all mortgages are essentially helicopter money on the housing sector.