On the one hand I have read reports of a substantial number of Florida foreclosures now being processed due to a change in the laws and the learning curve for lenders to incorporate those new laws.
On the other hand the article below discusses a drop in “Financially Distressed” properties. In any event it is good the market is stabilizing which will help comparable sales in some areas, However it is interesting to learn that in four states the process takes so long. Remember these are averages.
“For example, RealtyTrac's latest foreclosure report showed that the foreclosure process in New Jersey takes, on average, 1,064 days to process – the longest of any other state, followed by Florida (951 days), Hawaii (937 days), New York (902 days) and Illinois (889 days)”
If you are in the market for a property my best advice would be to review the inventory available. Yes there is a possibility that a foreclosure may turn up however historically it is not the average buyer getting these deals.