The number of foreclosures in the Valley is one of the reasons home prices are so low. Fresno realtor Don Scordino said more than five thousand foreclosures were sold last year in Fresno County, contributing to a record year for home sales. "People are excited about real estate again because the prices are so low. If gasoline went down to a $1.50, maybe I'd want to fill my tank up once a day," said Scordino.
The high bid on a home in Northwest Fresno that last sold for $382,000 in 2007 was $170,000. Another in Northeast Fresno last sold for $286,000 and had a high bid of $82, 500. Most of the sales are still subject to bank approval.