Sixty-three percent (63%) of Americans say the housing market will improve only when the overall U.S. economy gets better, according to a new Rasmussen Reports national telephone survey.

But 25% believe it is possible for targeted government programs like those announced Wednesday by President Obama to help the housing market independent of the health of the overall economy. Twelve percent (12%) are not sure which should come first.

Seventy-eight percent (78%) of Republicans and 61% of adults not affiliated with either major party say, generally speaking, improvement in the overall economy is necessary for the housing market to improve. A less-sizable majority of Democrats (54%) agree, but 32% of Democrats believe a targeted government approach could work.

The strength of the Republican response is interesting, considering that GOP leaders in Congress earlier this month were arguing that the housing crisis is the root cause of the country’s economic problems and that the economic stimulus plan should “fix housing first.” Voters at that time were evenly divided over whether Congress should attempt to fix the country’s troubled housing market before it took any other action to help the economy.

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Obama on Wednesday announced a $275-billion taxpayer-financed plan to help an estimated nine million Americans refinance their mortgages or otherwise avoid foreclosure. But 45% of Americans oppose the federal government subsidizing mortgage payments for financially troubled homeowners.

Just 22% of investors say it is possible for targeted government programs to help the housing market. Sixty-eight percent (68%) believe the housing market will only get better when the overall economy improves.

The public’s belief that a broad economic downturn is needed is shared by analysts, including J.P. Morgan’s Michael Rehaut who views “rising unemployment and still-depressed consumer confidence as material obstacles to any recovery in housing."

The Rasmussen Investor and Consumer Indexes, which measure daily confidence, fell on Thursday. Both have been hovering around record lows for weeks.

Belief that the overall economy needs to improve first generally rises with income level. Those who earn less are more likely to think targeted programs can improve the housing market.

Thirty-eight percent (38%) of voters now Strongly Approve of Obama’s performance in the Rasmussen Reports daily Presidential Approval Index. Twenty-five percent (25%) Strongly Disapprove.

However, 49% of voters trust their own judgment about the economy more than Obama’s. Still, they give the president higher marks than Congress. Two-thirds of voters (67%) have more confidence in their own economic judgment than in that of the average member of Congress.

Most Americans think the value of their homes will rise over the next five years but are less optimistic about short-term housing values.

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