Two years ago, in June 2009, the American economy emerged from recession, according to the National Bureau of Economic Research. But as this week's Economist noted, with typical British understatement, "The recovery has been a disappointment."
"Housing Market Setback Forecast" the newspaper headline said. A recently released report on housing says that home sales are down more than 25 percent and the inventory of unsold homes is about 50 percent higher than it was the same time last year.
