REO Auction After thought

Last week, I was busy going to the REO auction in the area I lived in. I went to the one hosted by REDC AND Hudson & Marshall. It was a great learning experience. The auction is very fast-paced and exciting, especially auctioneer speak so fast and make it more exciting. However, I didn't buy any property. The prices were a discount compared to the market price but it's not a discount that I hope for. I selected a few of the houses I'm interested to bid, and I went with my agent to see the property condition. After that, I make a note and determine the maxi um bid I'd like to bid for. Basically, I'm targeting to buy house that can generate positive cash flow for me with small down payment. The auction was very packed and price bid up quite dramatic compared to the starting bid price. I didn't end up getting the price I want so I didn't bid.
I talk with the official from the auction in the end and they said they're coming back in 6 months. I guess the market is continue to go down more with more bank owned properties popping up. I just need to continue to look for good deals and watch the market . This could be a very best opportunity to buy more houses in next few months or so.