The status of the California real estate foreclosure market is still grim, according to one of our exclusive buyer agents located in French Valley CA.  Our EBA there reports that prices seem to be stabalizing in CA, but it is still very difficult to get foreclosure deals for buyers, especially if they are short sales.   He will not work short sales because efforts are futile. For example he recently lost a $234K offer on a short sale, but the bank accepted a cash offer of $186,000 after keeping them on the hook for 7 months.