Bizarre that there are so few REOs. Lots of housing reporting involves the mention of homes owned by banks that aren't on the market, because the banks know if

Bizarre that there are so few REOs. Lots of housing reporting involves the mention of homes owned by banks that aren't on the market, because the banks know if they put them on the market it will just depress prices further. So are the busted properties immediately being bought by investors/homebuyers and avoiding going to the bank?