Here are two recent slides from the FHFA real estate index recently published.  If you care to see the whole report and/or specific areas, check out their site.

This is a classic glass half full or half empty discussion.  On one hand the market is clearly sputtering and struggling.  On the other it has improved quarter to quarter fairly significantly from the 3rd quarter of 2008.  We’re a long way from having to worry about it, but, historically, when improvement is up 10% or more, watch out … a significant fall off isn’t far behind.   Ah, that would be a nice thing to have to worry about.