It is not spin, I am a Realtor in Oregon, work in a very small rural town and to prove my point in my area here are the brief stats put out by our RMLS, the multiple listing service for all Realtors in my area. I would not say it has fully recovered, but it is roaring back, not certain for how much longer, but tons of people are getting off the pot and buying, it has been busy for about the last 12 months. See that last stat? Closed sales up 18% over last year same month!! Median sales price up 11.5% from last year.
Year to Date Summary
The 1,499 new listings represent a 4.7% increase over the 1,432 entered by this time in 2012. There have been 830 accepted offers in 2013, up 15.4% from 719 pending sales during the same period in 2012. Closed sales have numbered 761 so far in 2013, an increase of 18.0% over the 645 posted this time in 2012.
Who are buying all these homes? Middle class? I doubt it. More likely investors. I read somewhwere that a large number of current home sales are cash sales. Those aren't blue collar buyers.