Prices are too high and there are too few foreclosures. Pros with a bunch of money in the bank and inside info can still do it, but the days of being able to snag a foreclosure that's scaring everyone off because it needs some drywall work and paint and maybe a little flooring but is basically fine, and is sitting on a totally ordinary public real estate listing for weeks or months so you know you can lowball and they'll probably accept, are long gone. That situation only lasted (around here, anyway) until maybe 2012 or 2013.