If you can really consider paranormal a horror flick lol. The first one was ok I guess but they just don't do it for me. Not really scary IMO and they are all re wrapped versions of the one before it.
It just reminds me of the movie The Blair Witch Project. I think they even did the same thing originally and tried to convince people it was real footage. I was in elementary school when Blair Witch came out and I still thought it was lame.