You can research this on your own. It's very enlightening. I use Trulia "Stats and Trends" in Bay area markets.
What you find may suprise you!
I compare pricing and volume of sales Year Over Year in markets in California.
I also note the 5 year depreciation in comparative markets. ie Fairfield vs Santa Rosa-
San Rafael/Sausalito vs Napa /St Helena vs Malibu.
Bakersfield, Stockton and Riverside are intresting to study as they are some of those which were hardest hit.
I Note the difference between the number of "SOLD" and the number of current "LISTINGS" available. Then check pricing (NOT LISTING) stats. Most market pricing is improving where inventory has gotten low.
I find it suprising how low inventory is!
In some markets low inventory has stopped sales volume almost completely.
If the next waive of foreclosures hits the market, there appears to be a growing pent up demand, that could drive sales volume in a even stronger way than it did last waive of foreclosures and ultimately drive pricing.
I think this is a good sign.
I find it suprising how some markets have held up and how very far some markets have fallen, but , with this supply side fundamental , in mind, I think you will see a definite pattern of revival.
The numbers speak for themselves.
Use Trulia "STATS" yourselves,Tell us all what you conclude.
I think we are all interested in this.
What a great question!