I’m seeing some cheap REOs pop up in areas that I hadn’t before. A few that are even “flip-able.” Imagine that, in this market.

And I’ve seen at least one investor snatch up some REOs in the West San Fernando Valley in bulk at a level that makes it able for him to cash flow on rentals.

Some of this stuff makes me think we’re near the bottom, but I know there’s still more foreclosures to hit us yet this year and the lending problems clearly haven’t been fixed yet.

Did you see this report: http://www.housingwire.com/2008/06/02/a-tale-of-two-housing-markets-theres-reo-and-then-theres-everything-else/

Also here’s my take on one bulk REO purchase: http://terrafirmala.com/2008/06/is-it-possible-cash-flow-rentals.html