I believe most people would agree that by 1995, the market was starting to recover. This coincides with the bull market due to the rise of the internet.
Remember though, that the 1990's housing bust was much worse in southern California than for northern California.
The recovery was also quicker in the san Francisco/san jose area than in Sacramento.
The current recovery (if there is one) is going to be a lot slower cause:
a. Interest rate is already close to zero and cannot be lower, but it will go up.
b. There's an implosion of demand, which will not recover unless credit becomes easier, especially for people who had shortsales.
c. There 's a huge inventory of delinquent mortgages, which will depress housing prices for some time unless Fannie Mae/Freddie take drastic measures.
d. There is no equivalent of the internet bubble which created trillions of wealth for people in silicon valley & California. (The social media bubble is not big enough, it only affects the peninsula) .