04/25/2008 05:12 am ET | Updated May 25, 2011

One Homeowner's Burden Is Another's Bargain

Home prices are sinking. Banks are seizing properties from owners who can't pay their mortgages. Yet for Amber Gilmore, the miserable housing market has never looked better.

After searching for a home for more than a year, Gilmore and her fiancé found one in foreclosure. Once the bank cut the asking price by more than $100,000, the first-time home buyers eagerly sealed the deal for $230,000.

In about a month, the couple will move into the two-bedroom house in Chicago with a small fenced yard and garage. The previous owners invested in gleaming granite countertops and hardwood floors. Their loss, Gilmore says, is her gain.

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