It's area by area, complex by complex. You are correct some parts of our market are not all that bad and one of the reasons is inventory went down, alot, this past year. That means fewer to choose from. You can find great deals if you have patience and a I'd like to say a good real estate agent to help you focus and watch the new listings among other things. I just posted another reply that also answers one of your questions and here it is:
"Good Deals" can be all of the above or none of the above...it actually just depends. Depends on how much time you have to wait, as some times good deals will take a while to unfold, or be approved (i.e. short sales and bank owned). Sometimes you have to ready to move very quickly as you can't steal in slow motion. All foreclosures are not necessarily good deals as banks price them all over the place, high, low and at market value. Good deals also depends on what you're willing to put up with, i.e.condition of the home, location, and especially for condos, what shape is the Home Owner's Association in/ --- some have been decimated by several years of prior/current owners not paying the monthly HOA fee, and therefore the HOA lacks the proper resources. Also too many renters in the complex may mean that the unit is NOT financial by either FHA or a conventional loan
Hope this help and would love to discuss further on what your needs are and then find the best deal for YOU!