Duane Schroeder

According to Clear Capital:  

REOs (Real Estate Owned also known as Bank Owned or Foreclosured properties) on average over the past year have seen a 5.5% price increse. During the same time frame the Fair Market value of all homes has dropped 2.9%.

According to Clear Capital's statements you may have missed the bottom. But its not to late to get that good deal however, you may find you are in a bidding situation.

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Buyers are finding themseleves in multiple offer situations as the REO inventory declines. MOF (Multiple Offer Forms) are sent to each competing buyer requesting the buyer's "Highest and Best" offer with a set time and date to respond. As the competative spirit comes forth and the desire to "win"  settles in the bidders revaluate and make their "true" price offers. Thus a price increase.