The Southside Hampton Roads market has a wonderful selection of REO properties on the market. In the past week, the number of available REO's rose to 1215, or 13.14% of the overall market which includes 8030 non-REO properties. 
Pending sales that have a contract with contingencies removed and are waiting to close is another measure. This week the REO subset of this group rose slightly to just over 27% - quite possibly due to a seasonal slowdown with the holidays. I suspect that measure will dip next week as many Asset Managers have incentives for sales closing by 12/31/2010, so there will be a last minute rush to close as many pending sales as possible before the books are closed on 2010. Those buyers who had an agent who is on the ball, wrote their contracts to close this past week anticipating the rush. Compound that with the snow and there may be some buyers who are unable to close on schedule.
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