Here's a really sad story, but it shows what's happening and confirms that prices are stupidly cheap....watch past the make up ad and you'll see what I mean...houses that were $275,000 now appraised at $75,000..one that was $190,000 now appriased at $40,000...

and we can buy at around 1/3rd of the appraised value. Let's be realistic. If prices continue to fall will they go lower than 1/3rd of the appraised value?

http://cashupdate.blogspot.com/2009/02/living-on-foreclosure-avenue.html