Understood the OP is planning to post results later but for now, I don't understand what is expected to be gained from the back and forth speculation. 

@Joe splitrock, @Russell Brazil, @Thomas S.Wow lot's of totally speculative cop hate here.

In Southwark, south London, the average price has dropped from £666,000 to £585,000 in 12 months, while prices have pegged back in Islington, north London, from £750,000 to £684,000.Wandsworth and Southwark are home to huge speculative property developments facing on to the River Thames – including the Battersea Power Station development – but the market for £1m-plus one-bed properties has shrivelled in recent years.Your Move said that across the capital average prices were down 2.6% over the year, and have now fallen for the last three months in a row.

This is my market, so not just speculating with advice.

Unless I can put 'boots on the ground', I'm afraid I'm bordering on speculating...But I come back to the fact that some of these houses --good, solid houses-- are practically being given away on the REO side...

That assumes that you are operating this as a rental as opposed to some sort of speculation play.

The good news is this is temporary (I won't speculate as to how long).

Don't speculate as to what they may or may not do.

I have also been tempted to invest in Florida, but came to the realization that I will always outperform in a real estate market I am intimately famililar with than to speculate in an out-of-state area I am not familiar with.   

It's speculation of potential gain, and like any speculation, can go either way, positive or negative, given the timeline and market conditions.