For apartment sales specifically, the third quarter saw $3.6 billion worth of properties change hands, a 12% increase over the prior three-month period and the second consecutive quarterly increase since the credit crash last year. Also telling is that the number of properties trading above the $40-million mark between July and September was about the same amount that was sold during the entire first half of the year. Still, say RCA analysts, these positive developments don't necessarily mean a recovery is under way; in fact, it's more likely that a significant rebound in investment activity is still some time to come.

Compared to last year, sales volume in the third quarter is down 64% over the prior year and 85% from two years ago. On a regional level, many markets had only one significant sale during those three months, and some, such as Baltimore and Indianapolis, had none altogether. Other, one-hot markets, including Las Vegas, Jacksonville, FL and Ft. Lauderdale, FL, have each seen less than $50 million worth of multifamily properties trade all year.

Meanwhile, the distressed situation isn't turning out to be the boon it was once expected to. Distressed sales only accounted for 14% of the overall sales volume in September, a smidgen more than the first half of the year. And apartment properties entering default, foreclosure or bankruptcy slowed to $3.5 billion in the third quarter, resulting in a total of $22.1 billion worth of multifamily properties in outstanding distress.