Homeboy does offer perspective, and frankly, everything is different based on one's perspective. A $300,000 home is very cheap to some and very expensive to others. Each person will have their own idea of the market rebounding. If an owner bought in 1995 and didn't take a second note when the market shot up, chances are, they believe the market IS rebounding. They are an owner, as homeboy talked about, but they are in a different situation than an owner who bought at the market's peak.
Please go back and read my article. You will see that I am talking about the market being in a state of rebound since the bottom of the market. It is true that median sales prices have not reached their highs of the market peaks. With "normal" annual growth of 7-8%, it will take several years for that to happen. However, median sales prices of homes has stabilized over the last four years, and in some particular local beach neighborhoods, we see an upward trend in the median sales prices.
While everyone is waiting to see when the market rebounds, many buyers are already changing the market and when the market HAS rebounded, people will be asking, "why didn't I see it coming?" You only recognize the lows and highs in hindsight. My graph shows you an upward push over several years since the bottom.