Did U Think The Ponzi Scheme Would Last?

Sacramento, Heart of Foreclosure Activity, Hits Holiday Slow Down

"The bank severely under-priced the house to move and it did in 3 days. Think about how much money these bankers are leaving on the table."

Two things you have to understand here:
1) Banks are doing this for a reason. They are insolvent right now and if the gov't ever starts enforcing its own rules, many will be out of business. Banks have to feel that a dollar in the hand is worth 2 in the home.

2) Asset prices have a way of falling in a deflationary time. If you think 350k is a good deal for the little home you mentioned then come to Austin TX where that 350k will buy a freaking mansion in a much better neignborhood with all the amenities and an excellent job market. Within 3 years that same house will not be worth $80 per sq ft. The bank is smart to sell its assets at market price instead of holding out and whoeever paid 350k for that house will be underwater within 12 months.