Since I started using my capital to start buying short sales around the US, I have found that there is a huge difference in how markets are doing. When I tell agents that I am offering around 60% of BPO, I get responses ranging from "good luck" to that is too high. Some agents have informed me that even though their market has a huge number of homes on the MLS, the median price has climbed throughout the last year. In contrast, other agents have let me know that nothing is moving at any price. Their area has just dried up.
As we move farther into 2009, only time will tell how the different markets perform. I have been attempting to chart out the feedback that I get from agents. While my system is not scientific by any means, it is providing me with some data on which to base my own buying. The funny thing about what I have garnered so far is that I cannot decipher why some areas are doing well and others are getting killed. This is probably due to a lack of knowledge on my part.
How is your area in terms of number of listings, median price over one year, DOM, etc?