Title companies have changed underwriting on foreclosed homes. I know of a refinance that is being held up as the folks bought at the trustee's sale and didn't get title insurance. Now the ownership of the foreclosed loan can not be tracked thru the recorded public documents. The lender that appointed the foreclosure trustee did not have an interest in the laon per the public recorded documents. As a consequence, it does not appear, at least on the public record, that the lender intiating the foreclosure had the right to do so.
Cash is king in the real estate market and other markets right now. A well driller friend just bought an almost new drill rig for less than 50 cents on the dollar.