So what does the word 'recession' mean? And will it happen?

[flubdub]

Ok, nobody probably truly knows the answer to that question, but whats the general consensous?
Also, what is the definition ?
Will everyone lose their house? Will prices continue to rocket?

Definition is something like a 'shrinking economy for 2 consecutive quarters'

No, you don't generally lose your house. Most people will face inflation; some people will lose their jobs as the economy shrinks.

Negative growth in the economy for a certain period.

It is already happening - small businesses are going to the wall daily. Never mind 'looming recession' - it is here already

It's true we are into a recession.
A lot of people who have been racking up debt will lose their houses, many more will have to sell theirs for less than they pad for it. Inflation eats away at peoples savings.
Generally nobody wins.