The San Joaquin County real estate market continues to post amazing numbers. As everyone knows now, the nation's highest foreclosure rates have driven property values down by more than 50%. Now, inventory (homes for sale/monthly sales) is down to a shockingly low 1.5 months. 1.5 months of inventory! This is a market paralyzed by uncertainty.
Despite the record low inventory, prices aren't rising as everyone is waiting for an expected tsunami of new foreclosure properties to hit the market. With inventory so low, the market can probably absorb a lot more foreclosures without seeing any substantial additional price declines.