Merced County is still one of the highest foreclosure areas in the nation. With the current inventory still consisting of many short sales and foreclosures in this area, there are still signs pointing to a continued depression of the market or, at the very least, a leveling out in the next few years. The rate of decrease in values may have slowed so in a shorter time period you may not see significant changes. However, if there is a change in the amount of inventory, the # of qualified buyers looking to purchase, the interest rate, or the general economy of the area you could see affected values reflect those changes in the short term.
I just closed a nice, older home in Cressey so if you would like to talk about your homes potential value and your plans to sell, please let me know.
Best of luck,
Adam Dalton, Century 21 M&M and Associates
firstname.lastname@example.org - (209)480-6079