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You're on it! Just search on RealtyTrac using the search bar at the top of this page. On the search results page, you'll want to click on the Bank Owned tab, which will list all active real estate owned (REO) properties in the area you search. I just tried a search in Portland and found 1,198...
NONE in my area. Santa Cruz and Monterey are filled with many bargains even though prices remain stable. This is because there are those who get into financial trouble and have to give up their house for a song. BUT, most people are able to wait out the current economy. Therefore, if you want a REAL...