We are in the midst of the Greater Depression, and nobody seems to realize it. That's the beauty of sentiment, rationalization and hope created by the human brain. Living in a dream world doesn't make it real.
Let's see the state of this magnificent, V-Shaped recovery in a few charts and quotes:
Home Prices in 20 U.S. Cities Decline to Eight-Year Low, Case-Shiller Says
May 31 (Bloomberg) -- Home prices in 20 U.S. cities dropped in March to the lowest level since 2003, showing housing remains mired in a slump almost two years into the economic recovery.
The S&P/Case-Shiller index of property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November 2009, the group said today in New York. At 138.16, the gauge was the weakest since March 2003.
Mortgage Delinquencies by Loan Type — This Chart is PRIME mortgages