New construction may be picking up, but existing prices remain deflated.
The NYT is out with this graphic looking at the changes in house prices of major cities over the last few years. You can also see what the change has been since their peak, ranging anywhere from 2005 to 2007.
We can see that in many cities house prices jumped up a bit near the beginning of 2010, only to plummet down again. The jump is especially evident in Cleveland and Dallas. Taking the hardest hit from its peak has been Las Vegas dropping 19.3%.