In an interview with the newspaper, Weis Group said that it was currently discussing plans to spend part of its $1 billion portfolio on the properties.
Weis specialises in buying "distressed real estate" - homes that can no longer be paid for by its occupants.
Chairman and chief executive of the fund Adam Weis commented: "The properties we are looking to buy are not distressed in themselves - it is the market that is distressed.
"We are negotiating with the lenders who now have these properties on their books. In some cases, we are looking at buying the land at a 30 per cent discount."
The move is reflective of Mr Weis' belief that the US property market will rebound, due to a rising number of immigrants and an ageing population looking for retirement homes.
Meanwhile, a nationwide year-on-year house price drop of 12.7 per cent has been registered by the new S&P Case/Shiller survey, which covers the February 2007-February 2008 period.
The cities of Las Vegas, Miami and Phoenix were all found to have suffered declines exceeding 20 per cent, CNN Money reports.