Do some detective work and see what those houses are selling for. Not near what they originally sold for.
Those people in the stores you see are the ones with EBT cards, EITC cash and other supplementary income that they can use to buy whimsy’s. They use the government money for staples (at least for what’s leftover that they don’t sell to others for cash).
What’s a gallon of milk cost you? Eggs? Have you seen the price of bacon lately?
In a recession, you do not see people lined up at Kohls. The "they are using credit" works as an explanation once or twice, but not for two years. At some point, the credit cards max out . . . or, they don't because they are getting paid off. My next door neighbor lost his job with J. P. Morgan mortgage. He hasn't changed his lifestyle. He did get a job selling cars---but that can't be doing well.
All I'm saying is, I'll believe we're in a recession when I go to the mall and all the high-dollar stores are empty, or go to P. F. Changs on a Friday night and don't have to wait 45 min.
I travel a lot. Yes, the airlines have cut down the number of routes. But almost all flights I take are full. I don't see the Vegas hotels cutting fantastic deals.