America's "Houdini Recovery" under IMF-Type Austerity

This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.

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;"

Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7  |  8  |  9  |  10  |  11

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).