As with any commodity, housing is worth what someone will pay for it. That being said I dont think this topic is what this forum was designed for.
With all the rain it has gotten much worse. I would guess it between 6 to 9 inchs deep right now. It hard to see as well being behind the manhole cover.
There is a sinkhole forming around a manhole at this intersection. I had to avoid the hole or it would have very easily bottomed out. The city filled the depression with gravel but it needs to be fixed.