In speaking to the trustee, they told me it was transferred to a national REO firm that same year.

Forget about national banks (Chase, Bank of America, etc.) and look to the smaller, regional banks.Make sure it cash flows before you take out the loan - less expensive houses are tough to cash flow with a mortgage on them.

So my feeling is that there will not a major correction nationally like in 08, but local markets may shift based on supply and demand, just like they always have.   

You cannot discriminate on the basis of race, color, national origin, religion, sex, family status, disability, age (40 or older), or military service.Some landlords run credit checks, but I don't want to pay for the reports or hassle with the Fair Credit Reporting Act.

BP nation,  I am new to BP so thanks for letting me be a part of such a great group. 

Many new members tend to ask questions that have been asked numerous times over and reap a fleck of the information that they could if they searched for their topic of interest first.There's a great REIA in the area (SJREIA) that you should give a try as well as seeing if you can get in contact with @Joseph Scorese who is a great resource as far as Philly investing is concerned.

These new bureaucracies are being backed by groups that are national

One is that, to a large extent, the fact that one-third of the nation still is ill-housed is a hidden problem.

Owner occupants are outbidding (and often overpaying) investors due to the lack of housing inventory we are experiencing in North Jersey (happening nationally also).

Louis Federal Reserve the best place for national housing data.