Buy and hold has gone on for about the last eight months. Homes that were purchased for $350k in '05 are now selling for $75k all day long. They rent for $800 - $1,000 a month. But something that has been available recently, because of the moritorium, is the ability to flip some homes through wholesalers and private parties. Some flips of REO homes has happened, but they are still small. Trustee sale is more advantageous now because they are lowering the starting bid to less than the outstanding loan. There are some good deals to be had. I would love to hear about others getting the original foreclosure auction homes' at the courthouse auctions.