@Glenn McCrorey,You are right but as soon as you drop your guard the lawyers will be standing with their hands out.Joe Gore

Over the last 6 years, that has dropped to less than half.

I basically have been doing door knocking/ driving for dollars (under 100), dropping off letters and business cards locally in Los Angeles mainly the south bay and Long Beach (dropped off about 300 business cards, post cards and letters to doorsteps/mail boxes), sending some yellow letters (about 300 mailed), mailing postcards to absentee landlords (about 50 sent).In my letters I just tell them the generic letter- "I'm a direct Cash Buyer/ Investor looking to purchase several houses in ___ area" "No obligation offer"   "Can make Cash offer in as little as 10 days"A lot of driving for dollars, which also allows me to get to know neighborhoods.So I've had over 1000 contacts and about 50 repeat letters.

Some areas are looking at price drops seehttp://www.inman.com/2014/05/12/home-price-growth-cools-but-unsustainable-and-unhealthy-in-some-large-markets/#.U4ZCrijijy4Affordability - credit at 43% DTI is an issue for many buyers.http://www.homebuyinginstitute.com/news/fha-debt-to-income-296/Your business plan:Look at A and B neighborhoods.Market towholesalers that have leads with no equity in A and B neighborhoods.listed houses, expireds, landlords, fsbos, and houses purchased at the top of the market (2006 - 2008) for low equity.Offer lease option assignments, sub2 purchase or wrap purchase, use a RMLO and a good lawyer.Market for Owner financing buyers.Give speeches to Rotary, Lions, Chamber, etc. about solving problems for young families' housingPost cards to apartment buildings and rentalsWrite blogs about rent to own, credit being tight, etc.Create a meet up group for "Get Your Lease 2 Own Home Now"BOTTOM LINE.SOLVE PROBLEMS FOR SELLERS AND BUYERS.

If you have additional questions, drop me a note.

I guess he had a real rep of pumping values and dropping severely overpriced properties on AU and NZ investors..

According to DSNews.com the national foreclosure rate dropped by 2.5% from year end 2012 to 2013.

If everyone thinks that the rates will continue to drop, my guess is that the rates should start to rise. http://www.biggerpockets.com/forums/109/topics/110694-where-is-your-best-guess-where-investment-30-year-mortgage-rates-will-be-in-march-2014

How long ago was the price drop?

Letting them drop $50 below market is problematic in my opinion.