My town, of course, has been putting up spec-multi family for sale (Sarah Jane Court, West Acton Corner), as has the next town over, and the backlog multi family for sale in the area has already cleared. I've posted about this before. There is also single family spec going up (which may or may not include the house across the street from us; R. thinks it is spec; I haven't found any property sale information associated with the land so I have no idea). If you live in a place with spec multi family going up -- and selling promptly -- you know the housing bust is over in your town, even if there are a few overpriced houses sitting on the market for long periods of time. Also, some of the nicer/better priced single family resales are going for more than the ask, and inventory is dropping.
But just because a suburb of Boston on one of the better commuter rail lines has recovered doesn't mean things are even okay everywhere, much less good. CalculatedRisk said the bust was over a while ago, but even the Wall Street Journal agrees now. h/t CR: