Thanks for your post about this.
Our team here in Minnesota has been blown away by the number of short sales and foreclosures that we are seeing up here in the Minneapolis market.
Buyers of all kinds are having their pick of properties for sale. However, I should note that many homes that are priced to move are going in multiple offer situations.
As far as investing in pre-foreclosures, our team has not done alot with this. We do find most of our homes, condos, duplexes, etc, REO and short sale on the MLS.
In any event, thanks for your post, and happy new year!