Lenders that repossessed property slashing prices

The L.A. Daily News reports:

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.

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.

The home, owned by Countrywide Financial Corp. at 6650 Winnetka Ave., now features a homemade sign with "Hurry" and "Wow!!" written on it to entice potential buyers.

"We're just trying to stimulate buyers, stimulate the market," Smallson said.

The three-bedroom house has been on the market for about two months and despite new carpet, it has received no written offers.

"It's a great time to buy," Smallson said. "This is a fabulous deal."

Well, maybe it's getting a bit better, at the least.

You'll want to read this one.