Houses for $200: Foreclosure bargain but not for you

Through the housing downturn, these homes became a symptom of the housing meltdown crisis: people with money didn't want them and sought better deals elsewhere, while people who did want them either couldn't secure financing or couldn't afford the repairs they would need.

Bundled, or "bulk" purchases have become a method Fannie Mae uses to move unsold foreclosed homes. The homes are sold in an "as is" condition, along with sometimes hefty price tags for needed repairs. The cut-rate pricing is in consideration of those costs and the market conditions in their neighborhoods -- usually in economically depressed core-city areas, a Fannie Mae spokesman said.