What % of the BPOs you do would you say are because of a refi, foreclosure, etc?

I would say that less than half of mine or for foreclosure/default.

Most of mine seem to be refi's, closely followed by ones that sold about a month before, where the loan is being sold/transferred to a different lender... I'd estimate about 30% are REO or preforeclosures.

I think at least 50 - 60% or more of mine are REO or preforeclosures. I think it's because I do alot of mine in a neighboring city that is pretty economically depressed. 1/3 of their residential sales in the last year were REO properties.