The term recovery is another government lie. No real hiring (outside of government) and the distressed property sales still dominated the market. Vacancies and vacant Office and industrial space still remain at all time high. The term "recovery" is relative, in the sense that we may be "underemployed" instead of plain unemployed. in Obama's case, it is a euphemism for his BS. m/r
What Housing Recovery? Distressed Sales Still High, Shadow Inventory Massive - Forbes
8/28/2012
Housing markets seemed to have turned a corner, withTuesday’s Case-Shiller dataadding to the optimism. Home prices have risen for a second consecutive month for the first time since the summer of 2010, but much of this is a consequence of the falling percentage of distressed sales, while prices are still more than 31% of their peaks and may take years to recover. With 11.4 million, or 23.7%, of all residential properties with a mortgage under water, and a shadow inventory worth $246 billion, according to CoreLogic, a true housing recovery is far away.
BUT...
There are several reasons to remain skeptical, though, that this recovery will both be swift and will fuel economic growth that will help pull the U.S. farther from the edge of a new recession. Goldman’s economics research team understands that much of the improvement in housing markets can be attributed to a fall in the percentage of distressed transactions, which accounted for 50% of sales in 2009 and has now fallen to 25%. (Read Steve Schaefer‘s piece, Why The U.S. Housing Recovery May Be Due For A Stumble for more on this).
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