By now it should be clear to everyone "with a pulse" that the U.S. housing market is in the shitter - and it is getting progressively worse.
The Economist this week objectively points out two key factors keeping the U.S. economy from going into a kamikaze nose-dive altogether: Low unemployment at around 4.4% nationally, and for the most part, good wage earnings across the American nation.
We Americans continue to spend like there's no tomorrow, saving as little as f***ing possible, and running up massive debts that can be easily repayed by an anemic and declining U.S. Dollar.
Meanwhile fuel prices are rising and inflation remains uncontrolled.
For now people living in the United States must hold out hope that there will not be a substantial drop in employment in the coming months, despite serious job hits in the real estate, building, construction, raw materials, finance sectors. Substantial jobs losses might be more than enough to send the current teetering-on-the-brink economy over the edge and into full blown economic recession.
But alas, summer is coming, so bring on the bounce of summer employment figures! But it won't necessarily mean a rise in wage earnings - and that is what fuels the insatiable spending that keeps the titanic-sized American economy afloat.