For the first time in the recession, all 50 states lost jobs over the year in September, reports Lee McPheters, editor of Economy@W. P. Carey. Before the latest figures were released, North Dakota had continued to add jobs year over year, albeit at a slowing pace.

"The idea of ownership," said W. P. Carey Economics Professor William Boyes, "is that we can do anything we want with what we own as long as it does not harm anyone else or violate anyone else's property rights." By that definition, our common concept of ownership might often be called

"The recession probably ended in June, if we had to pick a date," according to Jan Hatzius, Chief U.S. Economist at Goldman Sachs. But that doesn't mean it's time to break out the champagne.

The deepest recession since World War II was caused by the collapse of the financial sector, but that disintegration is not proof that markets don't work, said Stanford economist Edward Lazear, who was chief economic advisor to former President George W. Bush.

The way businesses and policymakers approach economic integration is quite different. Businesses tend to be pragmatic — focusing on finding immediate solutions.

We've heard since the middle of last year that the recession is over. Why, then, do people still seem so pessimistic? Why are consumers still so restrained? Why is the housing market still weak?

Behavior Research Center, a marketing and public opinion research firm based in Phoenix, has been measuring consumer confidence in Arizona via its Rocky Mountain Poll for 30 years.

Read or listen: A report on real estate market conditions in Phoenix shows that foreclosures represented 43 percent of total transactions in February.

"Arizona is stuck in a vicious cycle right now," says Lee McPheters, research professor at the W. P. Carey School of Business and director of the JPMorgan Chase Economic Outlook Center. "Homes come onto the market from foreclosure and that weakens prices.

Tod C.