Recession with no Unemployment?

Talking with other people, I don't see much evidence of the unemployment problems most people associate with a recession. Basically, this recession seems focused on the rapid devaluation of homes and the mortgages on those homes. While the recent rate cut by the fed (2% in just a few months) will help, we won't have stability in the economy until the number of homebuyers in the market meets the supply of homes hitting the market.