I have to agree with you. By anecdotal evidence, it sure doesn’t seem like a recession… especially here in Austin. I was out in San Diego the other week, and everything seemed the same as usual.

But, a recession is defined as two quarters of negative growth. That doesn’t mean things get awful, just that things flatline and recede even just a tad.

I don’t think housing prices in the nice areas are going to come down in a big way until we start seeing some decent size job losses in white collar jobs. For some reason, that hasn’t happened yet outside of the mortgage arena, and I think the jury is still out on whether it’s going to happen or not.