Americans Ready for Recession, Continued Housing Weakness

Utica, N.Y.–As the housing slump continues, many Americans expect a recession this year, according to a poll released Wednesday.The poll, conducted by Utica, N.Y.-based research firm Zogby International and Reuters, found that 54 percent of the respondents felt a recession was imminent. Three out of four felt housing prices would remain the same or decline in the next year, The New York Times said.Nearly half of the 1,105 respondents said they planned to save or spend their upcoming economic stimulus rebate checks on debt payments, Conducted January 13 to 16, the poll showed that less than 40 percent of Americans believed the U.S. economy would avoid a recession; last month, 44.6 percent said they did not expect a recession.