Great bargains exist in housing market

December 2, 2010 5:49:20 PM PST
With the housing market still struggling, buying a foreclosed home can save you a lot of money and the bargains are bigger than usual.

Foreclosed properties are selling at discounts that can only be called huge.

The website RealtyTrac says foreclosed homes sold last quarter for 32 percent less than non-foreclosed homes.

That's the largest discount we've seen since 2005. In California, the discounts were even larger, about 38 percent on average.

RealtyTrac says if you want a great deal, offer a low-ball price to the banks. They want to unload properties and there's a good chance they'll take it.