America's "Houdini Recovery" under IMF-Type Austerity - by Stephen Lendman
It's what economist David Rosenberg calls recovery given plenty of supportive evidence, including:
-- over five million homeowners behind on their mortgage payments;
-- at record levels, foreclosures are alarmingly high; moreover, "the foreclosure pipeline is enormous;"
-- "housing, the quintessential leading indicator," turning lower again in starts, sales and prices;
-- instead of a normal 5 - 6 months home supply, the market has a 21 month overhang, including shadow inventory from the foreclosure pipeline;
-- mortgage applications for new home purchases down 13.9% on top of last year's 29.4%;
-- over six million Americans unemployed for at least six months, "a record 40% of the ranks of the joblessness;"