Amazingly, financial reporters still are reluctant to say the American economy is in recession (which it most obviously is). Hence when inflation fully shows its ugly face, expect housing prices to catch up with oil which already accounts for the dying dollar (a currency no longer carrying much weight with OPEC as a basket of currencies is being embraced and the Euro and yen are taking preeminence).
May 05
Recession, Inflation & Housing - Home Prices Fluctuate, Real Estate Market Responds To The Economy
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Recession definitions (and fears) are running amuck.
1. decline in economic activity: a period, shorter than a depression, during which there is a decline in economic trade and prosperity
Econterms
“Definition: A recession is defined to be a period of two quarters of negative GDP growth.
Thus: a recession is a national or world event, by definition. And statistical aberrations or one-time events can almost never create a recession; e.g. if there were to be movement of economic activity (measured or real) around Jan 1, 2000, it could create the appearance of only one quarter of negative growth. For a recession to occur the real economy must decline.”