Back up of my low inventory post

You can track San Diego's inventory here

Fact: The inventory of properties with homeowners who are able and will be able to make their mortgage payments is at an all time low (unemployment rate raises).

Foreclosure or short-sales in various stages of , bank-owned REOs that are not listed in MLS.

My thoughts:
If you want to wait and if you know what the sellers need: cash, a quick close, and as-is sales. Then, wait.

There are many people out there hoping that banks would release what they have to the market. Another 10 to 15% fall on price would excepted if so.