Over the past several months Wall Street experts have been debating whether or not America is headed to a recession, and according to a new CNN poll, a large percentage of Americans think that the country has already entered a recession.

Concerns over a possible recession have been lingering for most of the year, as housing prices have steadily fallen, while prices for gas and food continue to rise. But the sentiment really started to take hold this summer as the subprime mortgage meltdown started to spread. These concerns are only going to grow today after a weak Bank of America Corp (NYSE: BAC) earnings release.

As the weak housing market continues to deteriorate CNN finds that nearly half of all Americans are now under the impression the country is already in a recession. According to its recent poll, 46 percent of U.S. residents believe the country is in a recession, with 51 percent thinking we have not.

The report also showed that black Americans are taking a much more pessimistic stance on the current economy. CNN shows that 69% of all black Americans feel the country is in recession, while only 42% of white Americans think this is the case.