I found this Sunnyvale Bank owned home in CA is interesting.
555 BALSAM AV, Sunnyvale CA94085.It is a 3 bedrooms and 2 baths home with pretty good size (1425 sf) was listed for the price $429,900 and it is listed today by Susanne D. Gomez of Coldwell Banker. Last time is was sold on October 16, 2006 it was sold for $696K. It short 3 years the home value has dropped $267K for about 35% of the original value. I found out the homes under $455K about 90% of them are either short sale or REO home (bank owned home).
A lot of Silicon Valley buyers are timing the market to buy into the real estate. I think the time is now. Last month I have one client bought a San Jose single family home for $250,000. He is very happy to buy a home at the low point of the market. I noticed the real estate market is very active for lower end as $500,000. Those homes sold quickly with mutiple offers. My another buyer puts an offer to a San Jose home asking for $355K. In a week the seller received 13 offers and the best offer has forwarded to the bank.
You can use the this link to research the homes price and market etc. http://activerain.com/blogsview/1061060/Real-Time-Market-Data-What-Do-You-Offer-Your-Readers
As I research the real estate market. I found other realtors report for other market.
