That's what they are saying. Apparently people are lining up with their cash stored away to buy up debt in the real estate market at a hefty discount. This story says buyer beware.
Why? Because you are still not seeing CMBS or straight bank loans at bargain basement prices. What you are seeing is the riskiest type of investment -- the CDO -- being bought on the cheap. You may get what you pay for, but you may also make a killing. A lot of big names did that in the S&L crisis and the RTC selloffs. Will history repeat itself? I don't know, Santayana, but I'd be more comfy with CMBS, which is probably why that's not selling at a discount. You have the stones, you roll the dice and you hope to roll 7/11.