At this moment there are five REO properties listed in SLO, ranging from a $120,000 mobilehome to a $540,000 single family home. One of those five does have an accepted contract subject to lender approval. These listings have been on the market 45-132 days which is unusual for a well-priced REO property.
With that question answered, I'd ask why you'd limit your search to REO properties. Short sales are at least equally attractive (if somewhat more trying) and there are even some good deals to be had with regular sellers who are realistic and have a need to sell.