Here is some of the most recent data on the current U.S. housing market.The National Association of Realtors proudly reported that existing home sales climbed for a third straight month. It was at a pace faster than most economic experts had predicted.According to the U.S. Commerce Department, new home sales increased by 11% in June over the previous month, the biggest increase in 8 years.New and existing home sales in June reached their highest level in eight months.New home construction is up 37% from its low this past winter.Many corporate professionals are searching for a way out of corporate America.A few years ago, I experienced a similar situation. I was close to retirement age but couldn’t afford to retire.I was completely burned out in my corporate job. I had a successful corporate career. I had been a Chief Financial Officer for over 20 years. But I was tired of the stress in my job. I was tired of working for someone else. I was tired of working 50-80 hours a week. I was tired of the long commute. I wanted out of Corporate America!Fortunately I developed a job backup plan. An online, work from home business was a perfect fit for me. I was able to get training without leaving my job. Eventually I was able to retire from my job.You may have other reasons for wanting out of your job. Most companies are struggling financially. Few are seeing revenue growth. They are staying alive by cutting costs. Many are cutting payroll costs. Many good employees are feeling job insecurity.Many corporate professionals want to spend more time with their children. When my two children were growing up, I had a difficult time getting away from work to see a school play or some other school activity. I missed a good part of their “growing up” years that I will never be able to replace.You may want to take an afternoon off from work and go to the park or beach with your family. I was never able to do that when I had a job.You may want more vacation time. Getting only 2 weeks or so with your family isn’t very much. In fact, it’s pretty pathetic when you consider you must be at work all the other weeks of the year.Last week, my wife and I decided to drive up to North Carolina to my cousin’s horse farm. I took my cell phone and laptop intending to do some work. But for the most part, I spent the time just taking it easy – hiking in the mountains, helping my cousin tend the horses, and just having a good time.Many corporate professionals are paying very close attention to economic news. This knowledge is very helpful in determining a course of action and making personal finance decisions.I enjoy studying and analyzing the United States and global economy. I write articles expressing my opinion on its status and where we are headed. Many times my viewpoint differs from mainstream media and the Obama administration. Most of the time, I am right.You may not agree with some of the things I write. I encourage you to respond with any questions or comments.So do the latest numbers on the current U.S. housing market indicate that we are at a bottom? Here is my take on the housing situation.Despite the good news on rising home sales, there are at least three reasons why a significant rebound in the housing market is just not in the cards.1. A huge glut of houses still remains on the market.In fact, almost 10% of houses built in the past decade are sitting vacant. This compares to the historical average of 2.2%. There are 10 months of housing inventory listed for sale compared to the historical average of less than 4 months.In addition, banks are sitting on close to 600,000 foreclosed houses that have not been placed on the market.There are simply too many houses that are too big that are located in the wrong places. Big houses were a status symbol in the real estate bubble years. But not any more.According to Deutsche Bank, the number of U.S. mortgages that exceed the true value of the home will increase to 48% by 2011. Prime and jumbo mortgages are major concerns. By 2011, 41% of prime borrowers will be underwater up from 16% at the beginning of the year. The bank projects that 46% of jumbo borrowers will be underwater by 2011.Jumbo mortgages are those loans that exceed $417,000. These mortgages have the fastest growing default rate in the industry. First American CoreLogic reports this rate at 7.4% – 3 times the rate at the beginning of 2008.The latest government reporting indicates that the national inventory of homes, with a selling price of over $750,000, is rising. The Obama administration has done much to help the middle class homeowner with home buyer credits and mortgage modifications.But it has turned its back on larger mortgages. None of these programs apply to jumbo loans.2. Many more home loans are scheduled for interest rate resets over the next few years.The first batch of problem loans was subprime mortgages. Almost 80% of those loans were written down over the last few months – a total of $1.47 trillion.We now face $2.5 trillion in Alt-A loan resets. These resets begin in the middle of 2011 and don’t peak until the first of 2013. A small increase in mortgage rates in the next couple of years will lead to a massive increase in defaults and resulting foreclosures.Resets in adjustable rate mortgages will also be a major problem in the next few years.3. Foreclosures will remain a problem.In addition to the coming loan resets, other factors will lead to a continuing wave of foreclosures. Unemployment rates will remain at a high level.According to the Mortgage Bankers Association, “Looking forward, it does not appear the level of mortgage defaults will begin to fall until after the employment situation begins to improve.” They go on to say that, “It is unlikely we will see much of an improvement (in foreclosure rates) until after that.””Walking away” from a house that is underwater has become fairly common.It’s true that housing prices have become “more reasonable.” But most likely, housing prices will become unreasonably cheap before they hit a bottom.All of these factors will put downward pressure on home prices and sales. The PMI Group projects that there is a 75% chance that most metropolitan areas will continue to see home price declines into 2011.