there is no universal answer to the question - location, location, location.
in some areas of SE Michigan as an example, a modest up-tick can easily be inferred.
e.g. I just reviewed an appraisal on a purchase for a house that just closed at $555,000. The last recorded sale was April of 2011 for $480,000 (which was not a short sale) so there is some evidence. From the photo's, it looked like a well kept home with some minor cosmetic enhancements, not a significant rebuild/rework/flip.