We can discount 'recessed' being an adjective, as that means either 'set into a recess' or 'suffering economic recession'. So it must be the past participle of the transitive verb 'to recess'; the only meaning of this which comes close to suggesting reversal is 'to set back', but this is in the sense of something being set away from something else, not turned round, eg 'His house stood recessed from the road'.
'Receding', 'in recess' or 'in recession' would all be ok for me, but something that's been 'recessed' has not been turned back to front. We'll just have to agree to differ on this one :-)