| December 9, 2010

Americans put off expectations for economic recovery

Consumers have been struggling in recent months to cut down on mounting credit card debt, foreclosures and other economic ailments, all the while waiting for the economy to recover as experts have predicted.

However, consumers it seems have become less optimistic about the recovery.

In a recent poll conducted by Harris Interactive, 58 percent of Americans said the recovery will take more than two years. In addition, 35 percent of survey respondents said the recent robo-signing issue will hurt the economy.

“Government incentives have come and gone and historic lows in interest rates have done little to spur recovery,” said Pete Flint, co-founder and chief executive officer at Trulia. “Then, as if prospective buyers and sellers needed more to be concerned about, the robo-signing issue caused a ‘what’s next?’ fear to surface in the minds of consumers who, frankly, have lost faith in banks and their government to make good decisions.”

Only 4 percent of survery-takers said they believed the economy had already recovered. The largest amount – 27 percent – expect the recovery to happen in 2012, while an additional 22 percent fears it will not happen until 2015 or later.

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