PW,
With all due respect where did I say “Now is not the time to look for the gem.”

IMO, the time to start looking will be after Summer passes. We have several months of big declines left and we really need to reach the off peak months to eek out the last of the major declines. If you can find a gem in Late Summer/Early Fall, watch it for a couple months you may be able to find something worthwhile to buy on the lower end in Late November/Early December. These opportunities will be few and far between. They will be limited to a few areas and mMost likely it will be an REO.

You may not find it but I believe it would be worth looking for the average buyer.