Yep, I've been following it for over a year now. Very sad. ... FYI - There is NO recovery. As a matter of fact, we're going backwards.
When the housing market crashed we shopped for and purchased a home for my son and daughter-in-law. We were outbid on several homes where we offered the asking price but the property was sold to cash buyers. Some did flip the home, after making usualy cosmetic improvements, and sold the places making tens and sometimes hundreds of thousands in profit.
The home we finally purchased was one flipped, the dude put in the cheapest shit from home depot, holding the property for under four months. That said, we paid $291,500 and it is valued on Zillow three years later at $435,000
Our home is increased in value over 10% annually during the past three years, and is only about 100K below the highest value of homes in our area during the boom.
Yes Virginia, there is a recovery, at least here in the SF Bay Area. And yes, even with half a million in equity I could barely afford the home I grew up in, a 1,200 Sq. Ft., 3&1 single family home in SF's Sunset District.