There are certainly plenty of foreclosed homes on the market. In California, 40% of existing homes sold in the second quarter were foreclosures, according to DataQuick, a provider of real estate information, compared with 5.4% a year earlier.
Check out the full story by CNN Money:
http://money.cnn.com/2008/08/06/real_estate/Foreclosure_bargains/index.htm?postversion=2008080811
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