The median price of a Valley home has ticked up to $135,000 after falling to a 10-year low of about $120,000 six months ago.
The current median is half of what the record median high price for the market was in 2006, but it is heading in the right direction. Valley home prices started falling in mid-2007 but didn't plummet until late in the year when lenders placed thousands of foreclosure homes on the market all at once and began accepting low-ball offers.
The supply of foreclosure homes for sale in the Valley has also fallen, another good sign for the market. There currently are about 4,500 foreclosure homes listed for sale, compared with more than 20,000 in February.
The federal government's plan to push more lenders to restructure the mortgages of borrowers facing foreclosure could help ensure foreclosures don't soar again.
A full recovery isn't imminent, but the latest signs suggest the Valley's housing market is beginning to pull out of its nose dive.
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