06/20/2007 - If economists and real estate experts are correct in saying that the U.S. housing market is not only in a slump but likely to remain there for some time to come, that will come as a surprise to a (62%) majority of Americans who expect home prices to continue the upward trend of recent years, a Pew Research Center poll found. But the public may be equally surprised if the overall economy continues to show the resilience in the face of high energy prices and real estate weakness that is currently evoking enthusiasm among many economists and Wall Street watchers.
On the housing front, despite extensive news coverage of weakness in the housing market, a substantial majority of Americans in a June survey, conducted by the Pew Research Center for the People and the Press, not only say that home prices have risen over the last few years, but also that they expect that climb to continue. On the other hand, nearly two-in-three among the public rate the current economy as "only fair" (40%) or "poor" (25%) compared with 33% who rate it "good" or "excellent." And looking ahead a year, a scant 16% expect that economic conditions in the country as a whole will be better, while a quarter (24%) expect them to worsen and more than half (55%) expect they will stay about the same.
Read the complete poll results Are Americans out of Sync with Economic Reality? on the Pew Research Center Web site.