Housing at stage 2 of a 17-step recovery 

Thumbs up skydiver image via Shutterstock.

Reading media reports of economics is usually an exercise in decoding political bias and trying to find the center of things. Today we're in enough trouble that to understand "news" we must also strip away hope -- and pessimism.

Big week for all of that.

First thing first: the U.S. has lost some forward momentum, but is not entering recession.

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