Modern low-budget horror... I agree with NE. There will always be the awful ones, but there are the promising ones as well.
To keep on the subject of Ghost House Underground flicks, the boyfriend and I just watched
Dance of the Dead and I have to say, I was actually pretty impressed.
It was a fantastic little nod to the zombie genre, obviously paying homage to films like Return of the Living Dead. Not a perfect film by any means, but definitely entertaining.
I was also fairly impressed by a couple of the films to come out of last year's After Dark Horrorfest:
Crazy Eights - Fantastic little ghost movie
Borderland - creepy haunting abduction movie
Mulberry Street - Sickness/monster movie
All of them are low-budget, but all of them certainly are worthy of merit. Another little horror gem that I've mentioned before is
Murder Party. COMPLETELY without funding, but very smart, funny, with some delightful gore at the end.
The Signal is one of the best movies that I've seen this year - brilliant low-budget horror.
There will ALWAYS be bad low-budget horror films. I've found that, as a horror fan, you have an unspoken agreement with the horror film industry; if you go into a film knowing NOTHING about it, there's about a 70% chance that it's going to just be God-awful. I understand that.
But there will always be the ones that are worth it. Check out some of the ones above when you get a chance.