Dozens of homes sold during auction

KSDK-- The struggling housing market created an opportunity for home buyers in St. Louis Saturday. A ballroom at the Millennium Hotel auctioned off foreclosed properties.

Steve Webber says he knew he wanted an investment property in St. Louis County. "There was a bit of yelling. A guy got in my face and I'm like, 'yes', 'no', and all of a sudden it was gone!"

The bidding started as low as $500. Most properties required a down payment in cash or by cashier's check.

Real estate agents say you should be careful if you're not an experienced buyer. "You have to do your research. You have to know what you are coming down to buy. You have to know your dollar limit. Some of the properties come back a second time because they didn't realize they had to pay cash," says Terry Hass.

The auction found buyers for 84 homes on Saturday. Similar auctions will be held all over the country for the next five days as the housing crisis continues.