One Man's Foreclosure, Another Man's Steal, Wave Of Foreclosures In Calif. Takes Auction Home Prices Way Down, To The Delight Of Buyers – CBS News: “One-thousand homes lost in the real-estate wreckage are auctioned off to a crowd of thousands in Los Angeles – up to 40 percent off, CBS News correspondent Ben Tracy reports.

‘Sold!’ said one auctioneer with a gavel bang. ‘$170,000, sir, you’re the buyer.’

In Stockton, Calif., bargain buyers tour foreclosed homes courtesy of the repo-bus.

‘Obviously we’ve got a full house,’ said one bus driver.

Debra Knowles, a home loan consultant said: ‘They’re reaping the benefit, unfortunately, of someone else’s loss.’

New numbers out today show California among 10 states hit hardest by foreclosures in 2007. That’s 250,000 homes taken by the bank.”