There is a housing recovery in the “sand states,” where the crisis was the worst. But any suggestion that happy days are here again is refuted by the graph from the Federal Reserve Bank of St. Louis. New home sales have barely recovered to the level of the bottom sales in previous recessions.
The middle class has not recovered from Greenspan’s bubble. It will not recover for years.
We will not recover, because we are not supposed to. The Fed has rigged our fortunes through their policies to ensure it.