@JPB,
JPB, I agree with you! The biggest problem isn't just home foreclosures, but commercial property foreclosures. Many small businesses are going bankrupt, and are leaving shopping and strip malls by the thousands - probably every day as more people lose their jobs and more companies cut back on hours.
There are too many mixed messages for us to comprehend, but as long as job losses continues, the economic recovery will be stretched further ahead by years. Talking about recovery now is premature.
With lost tax revenues, even governments are struggling to see any improvement, and are cutting back services. Most governments are incompetently managed, and they are unable to cut more staff and benefits as the economy demands.
We're all in the same boat.