This publication is based on two surveys of the same Anchorage, Alaska households taken in June and November 1987 to study the effects of a strong recession of the previous two years. Different kinds of households were queried about household incomes, housing status, members' occupations, moving plans, and expectations about the financial future. Results showed that close to 13% of the households had left Anchorage in the interim months. Those who left were more likely to be young renters, out of work, in the military or to have lived in Anchorage relatively few years. Nearly half of single-family homeowners had paid more than their homes were worth at the time of the survey and many condominium owners owed more than their properties were worth. Half the renters surveyed said they were considering buying homes in Anchorage. More than 65% of renters had moved into Anchorage within the previous 18 months. Only 7% of homeowners had plans to move within the city in the coming year. Longtime residents and people who came to Anchorage during the boom years of the early '80s were among those hardest hit by the recession. Many were affected by the real estate slide. New arrivals were the clear winners. Most came with jobs, housing was cheap, and they were optimistic about their financial futures. Anchorage residents generally became more optimistic about the economy between June and November. The document includes tables, charts, endnotes, and a list of other Institute of Social and Economic Research publications. (TES)