How Much Have Home Prices Really Recovered?

Looking a the Case-Schiller 20 city index, there has been some progress lately. But the fact is that since 2007, home prices are still severely depressed.

First a look at the month-over-month index:

Now, take a look at how the price of a $100,000 house has actually done during that time. Recovery or just bouncing along the bottom?

(Click for HUGE image)