Hi,I too attended the auction and was amazed at the sea of people there. This was my first ever experience with an auction event and It was an eye-opener. Most of the homes I was tracking sold for near or more than their current fair market value.

Example: 11178, Ivy Hill Dr.
The winning bid was $550k + 5%= 577500.
The current comp in that neighborhood for this size home is around $530k. A home of equal size, 11160, Ivy Hill drive sold for 530k in April-2007.

16564, Gettysburg Dr.
Winning bid =520k+5%=$546k.
The comp for this neighboorhood for same size home is 540k.
Simillar sized home in this neighborhood was listed for $519k in May. I am sure it got sold near or at that price.

So, where is the deal? I guess, barring few, everything else was a deal for the Bank.

( I must note that a nice home in Oceanside sold for way below it’s fair market value).

( Also, I saw one guy buying few condos. Seemed like an investor who intends to make them rental properties.)