Did some checking comparing the beginning and end of 2008 in regards to REO pricing for Mission Viejo.
Here are some facts on how the REOs (Bank Owned Properties) were priced.
1/1/2008 thru 4/1/2008
Total sold in M.V. 154
Total REO sold 32
When sold only 4 of the REO properties went up in price.
Now lets look at the end of the year!
10/1/2008 thru 1/1/2009
Total sold in M.V. 276
Total REO sold 74
When sold more then half 39 went up in price.
The banks BPO are doing a better job in pricing the properties. There will always be some that get it wrong. More are getting it right and letting the buyer decide what they will pay.