I came across this in my daily research of the market.

http://bigpicture.typepad.com/comments/2008/05/foreclosure-sal.html

I have to agree with the comments.  There is A lot of bank owned property hitting the market.  Plus I have seen some of it priced below what was owned on the original note.  One place I seen in Chicago, it was priced $10,000 less than what was originally owned to the bank.  

Carl