"I would say the housing market is recovering. I wouldn't yet say it's healthy," said Gary Painter, a professor and director of research at the University of California's Lusk Center for Real Estate. "Even the good news of the past nine months or so has really just brought us back to the lower bounds of where a normal market would function."
"What we need to see is levels of conventional inventory rising for this to be normal," Painter said. "To me that's the last piece."
