Domer, I saw that auction was coming up and wished I'd gone.  Thanks for the on the ground reporting.

This is just the big first round.  March is supposed to be the month where sub-prime conversions peak and things are going to slide for months after that.

At the auction in Fresno this past weekend, most bakersfield properties went for between $90-95/sqrft.  A few of the nicer, move in quality homes went for a little more.  A 2300 sqrft home in Brighton Parks gated community, with all the trimmings and upgrades, large lot, and move in quality, went for $130/sqrft, selling for $300k.  That was less than half from its previous listing price.  A large, 3500sqrft home off Brimhall and Oldfarm, near move in quality (maybe 10-15k of work needed) sold for $113/sqrft.  Another property near ming and ashe sold for $66/sqrft after being posted for reauction.  My wife and I were kicking ourselves for not getting around to inspecting that property beforehand!

I believe that before the bubble, the avg $/sqrft was sitting around $98.  I'd say the average at that auction was about the same, and this was just the first major round of homes (some have been sitting on the market 2yrs).  A sign of things to come.