Despite some encouraging signs, there's ample reason to believe the housing market will take another hit as banks resume foreclosures.
Ask the average guy on the street about things like European Central Bank support for Greece or the intricacies of the deficit debate in Washington, and watch his eyes glaze over.
You might hear something like "those euro-socialists deserve it" or "politicians can't get anything done" -- but the topic will quickly shift to something more aligned to the national interest. Even if it's the Rush Limbaugh contraceptives furor.
For most Americans, there are only two economic data points that matter: the unemployment rate and the strength of the housing market. Both have been showing signs of life, with the jobless rate dropping to 8.3% while home sales, builder confidence and home inventory-for-sale have all improved.
Time to pop the confetti and buy a few Miami condos?