August was a month of high foreclosure across the US. The number jumped 36% from July and double that of last year. The MSNBC report suggested that 1 in every 510 households filed. For those who are qualified and in a strong financial position, there are great opportunities.
I know in Las Vegas, many investors who buy and sell against the grain have begun their process either taking on the post-foreclosure process, or making themselves available to people before the process begins. Where there's equity there can be great profit and the chance to bail out someone in a tough situation.