Robert Shiller, Yale economist and co-founder of the Case/Shiller Housing Index, feels the next bubble may be the stock market.

"I am more worried about the stock market than the gold market," Shiller told Fox News.

Shilling acknowledges that housing has been an important part in recoveries historically and says he would imagine that it would be important in this one as well.

Robert Shiller (Getty Images photo)

"Of course, there are other sources of stimulus; it doesn’t necessarily have to be housing" says Shiller. "President Obama has an American Jobs Act which would give other kinds of stimulus to the economy, but we’re in the doldrums and we need something.”

Home prices had come back to a reasonable level based on a long history but after bubbles, speculative prices sometimes overshoot, says Shiller, and may continue to drop despite the fact that the latest Case/Shiller numbers were up on a non-seasonally adjusted basis.

"Right now we’re in a period of low confidence, so it seems to me that they might well continue to fall,” he says. "The HAMP (Home Affordable Mortgage Program) didn’t work," Shiller observes. "We need to get on with something better.”

Many other experts share Shiller's dim view of the economy.

The U.S. economy has already dipped back into recession, and Republicans deserves a good chunk of the blame, says billionaire investor George Soros.

"I think we are in it already," Soros tells CNBC when asked if the country was at risk for falling back into a recession.

Meanwhile, the economy will likely expand this fall at a weak pace, but the risks are rising of another recession, a private research group says.

The Conference Board said Thursday that its index of leading economic indicators rose 0.3 percent in August, the fourth consecutive increase.