Flipping a recession

Looking for a bargain on a house? If you've got some cash or credit available, now could be your golden opportunity.

Some houses in Stockton, for example, are selling for as little as $20,000. A quick review of the Realty Trac Web site today revealed 3 bedroom, 2 bathroom houses in Tracy selling for as little as $69,900.

But if these housing prices were unfathomably small just two years ago, they still might be too good to be true.

Foreclosed homes come in all shapes, sizes and conditions — from near-new to beaten up, rundown and wholly abused. Guess which ones are selling on the cheap?

It's true that houses in good condition can now be completely paid for with what just a couple seasons ago would be considered a down payment. But beware of extreme deals. You might be buying a lot less — or more — than you've bargained for.