Anthony Randazzo on the Real Estate Non-Recovery

After years of housing pain, many Americans are hoping we have reached the bottom of the housing market, with historically low mortgage interest rates and high housing "affordability" metrics providing some cause for optimism. But Anthony Randazzo looks at the four best signs of a recovery and finds them all lacking. A recent surge in housing doesn't appear to be sustainable, and by the most important measures—foreclosures being worked out, negative equity cleared away, and prices stabilizing—we still do not have a housing recovery.