Recession, Housing Market | featured news

From household wealth to spending at stores, many of the U.S. economy's vital signs have recovered from the damage done by the Great Recession. Home foreclosures and layoffs have dropped to pre-recession levels.

The U.S. economy is not fully recovered from its deep recession with housing still weighing on growth, Federal Reserve Chairman Ben Bernanke said on Friday in a speech on the importance of community development.

That figure, projected through 2013, represents a worst-case scenario that assumes a double-dip recession, the Federal Housing Finance Agency says. The finance giants have so far received about $148 billion in taxpayer funds.

Buying activity in the residential real estate market slowed dramatically in July, according to a report released Tuesday by the National Association of Realtors. The dramatic plunge is yet another sign the U.S. economy may be heading toward a slowdown or double-dip recession.

Almost half of U.S. homeowners with a mortgage are likely to owe more than their properties are worth before the housing recession ends, Deutsche Bank AG said.

New U.S. housing starts and permits surged in May from record lows, while producer prices rose at a slower pace despite higher gasoline prices, boosting prospects for the economy's recovery from recession.

New orders for long-lasting U.S. made goods rose in February for the first time in seven months and new home sales rebounded, government reports showed on Wednesday, suggesting the economic downturn might be easing a bit.

Sales of previously owned U.S. homes rose at their fastest pace in nearly six years in February, data showed on Monday, providing some good news for the recession hit-economy.