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The number of existing homes for sale in San Diego hit multi-year lows in October, as the following graph shows:
Despite the decreased availability of homes to buy, the volume of sales was more or less the same as it had been a year prior:
The number of months’ worth of inventory, which is arrived at by dividing inventory by sales, also hit new post-boom lows:
That is quite some change over the course of two years — months of inventory dropped by 65 percent between October 2007 and October 2009. The question about what will happen to all those homes in foreclosure lingers on, but so far, shadow inventory is a no-show.