Ever since the economy started showing signs of recovery, financial experts have feared a double-dip recession. A new report likely won't allay economists' worries.Clear Capital
recently released its Home Data Index report, finding that while most home prices have stabilized across the country, prices in the West are falling. This may be an indication that the housing market is primed for a double-dip recession, which is defined as a period of negative growth, followed by a short-lived recovery and then another slowdown.
Alex Villacorta, director of research and analytics at Clear Capital, said that while the numbers are noteworthy, fears that the housing market is primed for another decline are unfounded.
"Some markets are already in double dip territory, specifically in the West, [but] widespread fear of a collective fall in market prices is overstated," he said.
While fewer people may be moving to the West, the Midwest isn't faring much better. Both Clear Capital and CoreLogic report that home values in Michigan are among the worst in the country. Another Midwestern region - Milwaukee, Wisconsin - is also underperforming.