by Charles Hugh Smith from Of Two Minds
The Housing Recovery: Based on What?
The real-world foundations of housing–income, debt levels, housing formation and jobs–are all weak or declining. How can housing “recover” if its foundations are crumbling?
The real estate industry announces the housing recovery is finally underway every year. 2012 is no different from previous years: various positive data points are duly cherry-picked (multiple offers are back in West Hollywood, sales are [...]