The real estate community continues to be abuzz about the recent Mortgage Banker’s Association quarterly report on foreclosures for the end of the fourth quarter of 2009, which showed that fewer homeowners are falling behind on their loans.

However, it also reported that the number of homeowners who have missed at least three payments kept growing.

While there will undoubtedly be more foreclosures that will continue to have a negative impact on the market for the foreseeable future, there may indeed be a glimmer of light at the end of the tunnel.

However, we think that glimmer is the large toothy grin of savvy investors who are making a killing off distressed sellers.

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