HUD listing not dropping in price?

[NA Jones]

I've been watching a HUD listing like a hawk waiting for a price drop. Currently the deal only makes sense if we were to get it at 54% of the current HUD list price MAX.

I thought it would drop on the 31st day.  We are now on day 42 and it's still at original list.  Any idea what could be the reason for this?

The HUD bid site has the whole "Availability of home is subject to the Asset Manager accepting a bid from an earlier bid period or removing the home from the market" thing.

My plan was to submit a bid the day the price dropped to maximize my chances of it getting accepted.  Now I'm wondering if I shouldn't just submit my ridiculously low offer without waiting for a price drop - I would actually start my bid at 45% of the list price and hope for a counter.

What would you do?