I found an interesting YouTube channel that tours through the aftermath of the real estate crash. Since October 2009, EconCat88 drove through empty residential real estate developments (roads-to-nowhere he called them) and vacant commercial real estate in Ohio, Florida, Michigan, Indiana, Nevada, Arizona and Georgia, and uploaded 210 videos. He's not a big believer in the recovery. I found two videos showing farmland that was converted into residential subdivisions at the peak of the bubble. I embedded a video titled "Plant corn and wheat instead of adding to food inflation and the housing collapse", which was taken outside of Toledo, Ohio on 2/11/2011. The next video was shot outside of Ft. Wayne, Indiana on 1/26/2011 showing a similar situation. After seeing these videos, I'm starting to think Gary Shilling is right that home prices need to fall another 20%.
Article of interest by Comstock Partners: Turmoil In The Housing Market Makes A Recovery All But Impossible (Business Insider)