Here's an interesting article that discusses the length of time it typically takes for a bank to foreclose on a property. I happen to live in New York which takes 12-19 months for a bank to foreclose. Add to that the time it takes to re-sell the property (especially here in the Buffalo market) and I think this would give me an advantage to getting more foreclosures. The New York Home Equity Theft Law probably doesn't hurt either. Knowing this, I may be able to get more leverage when negotiating short sales with banks.
Some states, like Alabama give owners only 30 days before they can lose their property. However, homeowners are given a long time to re-purchase the property with the buyer losing any money that was made in improvements. That would be a big loss for the investor. So I guess New York has at least one advantage over other states. On the other hand, lots of people in foreclosure here don't act on the foreclosure because they know that it takes so long.