Home bargains drying up

A Los Angeles Times article reports that home bargains are becoming harder to find. Competition between investors and first time home buyers for affordable housing is putting upwards price pressure on distressed properties. Things vary somewhat from market to market. However, the savings approaching 25% a few years back have dwindled to about 7-10% for a distressed home, versus a non-distressed property. I have seen more banks and distressed property fixing up properties into a "move in condition" so they can price it closer to prevailing market pricing. East coast markets that still have values are Pittsburgh (-27.4%), Cleveland (-25.8%). Cincinnati (-20.2%) and Baltimore at -20.0% according to the Los Angeles Times article.