Foreclosures rise 14 pct so I'm making offers

I'm making a low ball offer on a REO in Pekin today. OK, I know all I have done is posted on Foreclosures lately but come on, it all over the news:
The percentage of vacant homes available for sale remained relatively flat in the second quarter, but still hovered in record territory.
http://rss.cnn.com/~r/rss/money_topstories/~3/344682992/index.htm

Reuters - Home foreclosure filings rose 14
http://us.rd.yahoo.com/dailynews/rss/topstories/*http://news.yahoo.com/s/nm/20080725/bs_nm/usa_economy_housing_foreclosures_dc

Foreclosures and stuff

So, on Tuesday I looked through the MLS for houses that are banked owned and I'm still shocked at what they are asking for them. My Agent did know of some deals that went through but the banks still have near market value on them. Are they just waiting with a high price hoping someone will come along and may near full price?

House of Representatives passed a massive rescue package to shore up the struggling housing market. http://us.rd.yahoo.com/dailynews/rss/topstories/*http://news.yahoo.com/s/nm/20080724/bs_nm/fannie_freddie_dc

In the news, The Federal Reserve unanimously approved new mortgage lending rules to crackdown on shady practices - particularly sub prime loans made to borrowers with weak credit. http://rss.cnn.com/~r/rss/money_topstories/~3/335014181/index.htm

The number of Americans losing their homes to foreclosure continued to soar in June: http://rss.cnn.com/~r/rss/money_topstories/~3/331566102/index.htm

With all of this stuff going on you would think I would be able to get a deal on another rental.