Reports are out and last month was a bad month for foreclosures in the west. California, Arizona and Nevada had the highest foreclosures in the nation.
In California had 1 in 416 homes receiving foreclosures notices in August, 2008, way up when compared to August 2007.
If you are receiving a foreclosure notice you need to act immediately and contact your mortgage company and try to get some relief, there are reports that some banks/mortgage companies are lowering rates. After the Fannie Mae and Freddie Mac failure, interest rates are dropping and continue to drop. The economy is in real danger of a serious recession.
If you are investor, there are various ways for you to approach buying homes in foreclosure, from contacting the owner, bank, realtor(many realtors are specializing in foreclosures/bank owned homes), you can also use sites like RealtyTrac, Foreclosure.com, RealtyStore, ForeclosureTrackers, and others. There are dozens of sites for regional foreclosures as well.
If you have a relationship with a bank work with them to see what then have to offer.