I was told by a relative about a 3 bedroom, 2 bath house, with attached garage, located in a good neighborhood in Atlanta, GA that had gone into foreclosure. The person telling me about it had made an offer of $70,000 on the house. She was very hopeful the bank was going to accept her offer. This same house would have sold for at least $350,000 a couple of years ago.
Deeann's investment suggestion is a good one, but if anyone has a good bit of extra cash lying around, they'd be wise to invest in real estate. The housing market will come back, but one has to be able to wait it out. I'm afraid I'm not among those who have extra cash lying around, though!