I have seen FNMA owned properties reduce their prices (because they couldn't sell at original price).
I have also seen FNMA owned properties selling for less than offered.
That said, foreclosures are very hot.
There are a lot of people hunting foreclosures hoping to get a better deal.
That's why there are multiple offer situations and bidding wars on foreclosures.
Hope this helps,
Beachfront Realty, Inc.