Several interesting stories I heard recently:
REO SFH in Tracy: the same kind of house was priced at $280K last year. Peak was $550K+. Now the listing price is $220K. A buyer offered $230K (5% over) but didn't get it. The whisper number is $250K (~15% over).
Another REO SFH in Tracy: 20 yr old, 1,500+ sq ft, 3 BR/2BA. The listing price is $120K, market value $180K, offered $140K (17% over), didn't get it either.
SFH in San Jose Berryessa area: 25 yr old, 1,500 sq ft, 3 BR/2.5 BA. The listing price is $410K (below market). Got 70 offers in 7 days! $480K (20% over) will likely get it.
SFH in West San Jose, Lynbrook High: 1,200 sq ft, 4BR/2BA, listing price in the high $700s. On major street with a bus stop right in front of the house. It went sales pending after one open house!
It seems a lot of investors from out of the state/country are buying distressed properties in CA. Heard there are a surge of applications to get TIN (temporary SSN) from foreign investors who pay cash for homes in the bay area lately.