Here are the trustee sales graphs from January 2007 through June 2009. Investor activity is still significant and I know of a couple organized groups working the trustee sales pretty hard. There is at the very least a temporary lull in inventory on the low end that investors are rushing to fill. The tax credit, sub-5% interest rates (I don't think the sub-5% interest rate effect on demand can be overstated) and seasonality have created tremendous demand. Supply is being constrained by the now expired moratoriums and the expectations of many homeowners who would normally short sale thinking they will get a loan modification. With the increase in REO inventory and the servicers working through the loan mod requests to accept or deny borrowers the inventory situation should improve going into the second half of the year.