In California 500K homes sell for 200K

Imagine paying only a paltry $200,000 for a half a mil home. I mean it is not a megamansion, but you can get a lot of house these days for only 200 grand. A California couple was able to buy a 500K home for only $200,000 and prices are still falling. With so many foreclosures banks are willing to drop prices to move inventory.