Readers suggested a topic on auctions. "How about discussing at what point will it be truly worth looking at an auction to get a deal. Most of the auctions now have high starting bids or low starts with high reserves. Also, there are people who think now is the time to jump in so they end paying only 10% less than what these places listed for originally."

One replied, "But when you factor in the 10% commission you are back to where you started price-wise. You also forgot to mention the auctioneer’s bidding to rig the price higher, and the bidding shills who pose as genuine bidders."

One looks at bank owned properties. "When will the lenders get serious about selling their ever-growing collection of REO’s. In my neck of the woods, Southwest FL, they’re no better than the most clueless civilian sellers with their 'wishing' prices."

A reply from fellow Floridian. "Port Charlotte is having the first REO auction I have seen advertised next Sat., the 30th. 28 houses/approx 20 lots and a single batch of approx 10 lots."

"I have a friend at work and his wife is pulling all available info about the properties. I have no desire to purchase yet but I will attend just to see if I can spot any shill bidders. I also want to get a feel for what the public thinks these places are worth. I personally dont see auctions doing good for at least six more months."

"The guy whose wife is getting the property info owns 17 rentals in North Port. I posted a couple of weeks ago he just bought three more brand new places from a specuvestor from up north. The guy needed out asap. He picked up all three properties for 100k each. He got renters in all three this week but he now figures he overpaid by about 25-35k per property. He will do o.k. because the properties are paid for but it still bothers him a little."

"We are at the very beginning of this whole debacle."

One said, "I just moved from FL and it seems to me many don’t understand the reality of what their house is worth in the marketplace versus what they think it worth. I think that some of these auctions will give us a true idea of what the market place is really at."

"People can’t let go from the 'what my house was worth 2 years ago' issue Like I told a friend, 'you already equity lined out what your house was worth and you still think you deserve more?'"

One was skeptical, "I am down in Lee County. Most of the auctions I have attended or watched online have been a huge waste of time with reserves or shills or seller has the right to accept or refuse the high bid, etc."

"I think these phony 'auctions' are ultimately going to hurt when the need for a real auction arises and no bidders show up."

Another suggested, "You ought to make a T-Shirt that reads, 'Reserve Auctions are Fraudulent.'"

One reported, "I am attending the event in Sacramento this weekend. The on-line rules allow the auctioneer to bid against me, up to the seller’s undisclosed reserve price. This is clearly a Shill Auction and the opening bid prices are truly meaningless false advertising. I will report back here on Sunday. Are any other bubble bloggers going in for some Saturday morning entertainment at the Cal Expo Fairgrounds?"

From News 10. "More than 240 homes repossessed by the lenders in the Central Valley and Bay Area will be sold in a three-day auction beginning Saturday in Sacramento."

"At first glance, the foreclosure auction appears to be a bargain hunter's dream. In some cases, the opening bid starts at well under half the price of the property's recent market value."

"For example, the starting bid for a one-year-old home at 10216 Shoech Way in Elk Grove is $279,000. Property records show the house sold new last year for $620,000."

"Foreclosure specialist Alexis McGee says...the buyer must be careful. The excitement and competition at the event can drive the price beyond the fair market value, she said."

"'Create a maximum bid sheet for every property,' McGee advises. 'Walk when it goes over your top price. Do not get personally connected to any house. There is no reason to get caught up in a bidding frenzy.'"

"Buyers need a $5,000 cashier's check to register, and properties can be financed with as little as 5 percent down. But some of the homes in poorer condition require a 30 percent down payment."