Eager homebuyers once had to get on a waiting list for a chance at a house in the Vineyards neighborhood west of Highway 99 in Fresno.

That was in 2006. In the five years since then, residents of the Centex Homes subdivision at West McKinley and North Polk avenues have seen what an imploding real estate market can do.

Homes in the 131-lot neighborhood that sold for $300,000 to $450,000 brand new now go for about half that price. Over the past three years, nearly half the houses have gone through foreclosure or were sold by desperate homeowners for less than what they owed, according to property tax records and the Fresno Multiple Listing Service. Some who lost their homes stripped sinks and doors as they left. Others simply left with their dreams.

For-sale signs still stand on some lawns, and a few homes still tip toward foreclosure. But the neighborhood is starting to turn. Driving through the neighborhood today, it's hard to tell that economic disaster has swept through here. Most lawns are well-kept and most homes appear to be occupied; about 16% have renters, according to property tax records.

The Vineyards neighborhood, housing experts say, is an example of what's happened to many developments that sprouted up across the Fresno area during the past decade – rapid growth during the housing boom, a collapse of the neighborhood during the bust and, now, a slow rebirth.

"These were the first places to suffer and the quickest for people to leave, but the neighborhoods have improved from two or three years ago," said Patrick Prince, a Fresno real estate agent who specializes in short sales. New residents, buying homes at a fraction of their original price, have replaced many of those who left.

In 2006 and 2007, these new neighborhoods were largely occupied by homeowners, said Andrew Hansz, director of the Gazarian Real Estate Center at Fresno State. Now, investors are picking up cheap foreclosures and more renters are moving in.

"It's not a normal single-family residential market out there," Hansz said. "The [housing] supply is being controlled by the banks, with a typical sale more likely to be a distressed sale. It's quite a unique situation. This is kind of our new normal."

In the Centex tract, that dynamic has changed the face of the neighborhood.

Some residents on streets named Oslin, Pine, Ellendale and Home have hung on to their houses while watching their neighbors leave, family by family. Others are new to the neighborhood, lured by housing bargains. Some simply chose to fill empty houses as renters.

Here are some of their stories.

Hanging on

Construction on the tract was still under way when Delores and Greg Piñon moved into a house on Home Avenue. Five years ago, the market was so hot there was a waiting list to get into the development.

Now, the Piñons are among only a few of the original homeowners left on their block. Fifteen of the 30 houses on Home Avenue were sold as a short sale or bank-owned property over the past three years and one is now in pre-foreclosure, according to tax records and the MLS.

"There were a lot of empty houses last year," Delores Piñon said. "I think a lot of people tried to stay as long as they could."

The Piñons are hanging on, too. They bought their five-bedroom, three-and-a-half bath house for a little more than $430,000 in 2006. They put down about $200,000, after selling their first home.

But in 2008, Greg Piñon lost his construction job. Now he works temporary jobs. Delores Piñon works part time in food services for Central Unified School District.