Here We Go Again

Can "spin" create a new reality, or will the "spin" prove to be a cruel joke? I am talking about all the news these days that the economic recession/depression is over and the recovery, although shaky, is underway.
I am borrowing the above chart to help point out what I have been saying all along, and that is that we are still 'in for it'. Although Canada is somewhat immune from the above scenario, the USA and its economy influence our own economy more than we would like.
It is estimated that 80% of these mortgages are negatively amortizing, which means that the option that was chosen for the re-set date was the option of paying a token amount on the mortgage and the remaining balance of the mortgage is amortized. With house prices still falling because of continuing foreclosures and a mortgage rate increase a certainty due to coming inflation, these mortgage holders will soon see payments way beyond what they can afford. It seems too, that losing one's job in the USA today is almost a certainty that there is a foreclosure in the immediate future. The credit bubble has not yet finished bursting.