Foreclosures a way into housing market

Looking to bottom feed in this depressed real estate market?

Try finding a foreclosure because you might snap it up for about 20 percent or more under its recent market value.

Take a foreclosed home in Winnekta on the market for $404,900. The asking price is 24 percent lower than what the former owner paid in June of 2006, according to Realtor Steve Smallson. Gregory J. Wilcox and Rick Coca in the Daily News.

It's an example of some of the deep discounts that are now popping up in this down market that is reeling from the subprime mortgage crisis.