Good depends on what your criteria for an enjoyable horror movie is. If you're criteria is simply nubile ladies and copious amounts of blood, the standard template for a slasher film should suffice, the bloodier, the better. Bloody Murder 2 has a decent quantity of blood, although it has more gore and violence than blood, and more than one attractive female, in varying stages of undress. The plot can leave something to be desired, but plot wasn't listed as a significant criteria.
Chances are, you aren't the only person in America who is dissatisfied with the state of mainstream American horror. It's really a matter of finding movies made by other people who felt the same way, and decided to do something about it.
All in all, it doesn't really seem sensible to assume that any country is only capable of producing gems, or garbage. Since a country's "movie industry" is actually a collection of smaller industries, with a few major ones dominating the theaters, every country is capable of producing a wide variety of films.
I can list horror movies in which there is technical merit, or quality production design, but often, a person's decision as to whether or not a movie is "good" or "bad" is a matter of personal taste. The two don't always overlap. Saw had impressive sets, and production design. There were also excellent performances. Not everyone will like it. I'm not even sure I do.
However, if you want me to look up splatterfests, I can. It will take a while. Although I appreciate those movies, I've got other tastes which I'm more apt to persue.