While acknowledging that the report was good news, Mark Zandi, chief economist for Moody's Economy.com, downplayed the importance of a single month's statistics. "I think it's a temporary respite," he said. "It reflects the recent decline in foreclosure sales, and prices will continue to fall over the next several months."

“Even though June demand was still down considerably from last year, the level of decline was the best so far in 2009. That trend has continued through the first half of July, and we’re hopeful that it will continue for the remainder of the summer. However, the percentage declines in average daily room rates continue to be at all time lows.”

There was, however, an increase in the number of small-business owners who used a traditional bank loan in the last 12 months. While a positive indicator that bank loans are an option for some small businesses, this increase also reflects the fact that more businesses are turning to outside sources of financing as the difficult economy has forced them to use up business savings and earnings—making access to affordable capital all the more important.

“Although there has been some improvement in the national HPI, collateral risk will continue to be the main driver of the housing market for the remainder of 2009,” said Mark Fleming, chief economist for First American CoreLogic. “Until home prices and the economy stabilize, mortgage performance will continue to worsen and home sales activity will remain flat nationally through 2010.”

The recovery will be weak compared with historic recoveries from recession. The recovery will be weak because the economy must make structural adjustments before the healthiest possible rate of growth can be achieved.

"Sales fell at mall stores open at least a year, a measure of retail health, including Abercrombie & Fitch (down 32 percent compared with the period a year ago), Zumiez (down 19.3 percent), Children’s Place and Limited Brands (both down 12 percent), Wet Seal (down 11.1 percent), American Eagle Outfitters (down 11 percent), Gap (down 10 percent), and Hot Topic (down 7.9 percent)."

"Sales declined 14 percent at Dillard’s, 8.9 percent at Macy’s, 8.2 percent at J.C. Penney, 8 percent at Bon-Ton and Stein Mart, and 5.6 percent at Kohl’s. T.J. Maxx and Ross Stores performed much better, posting 4 percent and 1 percent sales increases respectively."

As many as 324 - approximately 85 percent - of the nation's 381 MSAs are now facing increased risk of lower home prices in 2011. Florida, California, Nevada and Arizona continue to have the highest risk scores - 36 of the most risky MSAs are located in these four states - but an increased risk of lower future prices is now spreading across all regions of the nation, due to the significant increases in unemployment and foreclosure rates.