House hunters looking for a bargain may want to head to California where homes that once sold for over $500,000 now sell for half that value. This CNN article reports that Riverside county in California has seen a catastrophic drop in home prices from their highs in 2006. Almost 23,000 homes are listed as “bank-owned” and one in 80 is in the foreclosure process. The situation means opportunity for some and agony for others. “It’s unfortunate for those who are going through such tough times,” said one buyer. “But in some ways, we were really glad that we were able to do something we wouldn’t have been able to do otherwise.”

Credit: CNN