High priced home over seven figures – $1 million or more are struggling to be sold. San Joaquin County has seen these million dollar homes fall 50% in price since the real estate bubble, and first time buyers are not ready for the high end real estate market. Also, jumbo loans are much more expensive and harder to secure.

Zillow.com prices these homes too low, thus creating an unusual dilemma where the buyers expect a much lower price and the sellers expecting a price according to the actual worth. The conditions create an illiquid market for the high end homes.

http://www.recordnet.com/apps/pbcs.dll/article?AID=/20090711/A_NEWS/907110323