Well, it’s official: The Great Recession started in 2007 and ended in 2009, but over a year later Americans, not to mention much of the world, are still trying to recover from its profound effects. Curiously, retail receipts for the most recent holiday shopping season seem to be the most robust in all of three years, even as the housing market keeps tumbling in value. These are two of the biggest indicators economists use to gauge the state of affairs, and taken together their mixed message seems to faithfully reflect the uncertainty all around.

Though profits are at record highs, large companies are not taking on any more workers. Credit is tight despite extremely low interest rates. Of course, who gives out hundreds of dollars right now – or, even, take it on – with all the uncertainty? But it’s a vicious cycle, since nobody wants to take those crucial first steps that somebody will have to eventually – a great many somebodys, actually.

The actual number of homes sold nationally this past November was just twenty-one thousand, the lowest figure ever for a single month. Yet bargains abound – foreclosure sales, short sales, auction sales vie with all the deep discounts being offered throughout the industry, even in traditionally hot property markets such as the New York-New Jesery-Connecticut Tri-State Area.

Not even industry insiders like Isaac Toussie are disturbed by, that despite the offers sales actually decrease!

Even former economic dynamos of their region such as Cleveland and Dallas are hurting, and hurting bad, real bad.

Ultimately, nothing will change on the real estate front without dramatic improvements where jobs are concerned. Yet with no strong sustained positives in real estate – which account for new purchases of durable goods – what chance will there be for the outlook on jobs?

It’s a vicious chicken-or-egg cycle.