This is interesting. The University of St Thomas has developed their own Index. They did a great job with this. We can now identify between foreclosures, short sales, and traditional home sales. You can view the full report here.
The baseline on this index is 1,000. 1,000 is the benchmark of real estate values in January, 2005. So basically we are all hoping to see these numbers get above 1,000. Higher is better.
Based on this, it appears we are beginning to head the right direction!