That’s how Kendi Kiogora, a 28-year-old first-time home buyer, described her recent experience at a Chicago-area auction, anyway.

And when you hear about the deal (or steal) she made off with it’s hard to argue otherwise.

Kendi purchased a “one-bedroom, one-bath apartment in Chicago’s trendy South Loop neighborhood, with skyline views and heated parking, for just $105,000,” according to Reuters.com feature today. The final sale price was $62,000 less than its last listing and well below true market value.

Her good fortune is just more proof that it’s a buyers market. Plain and simple. Opportunities to buy homes at deep discounts have never been better than they are right now.

And according to Dave Webb of Hudson & Marshall, one of the biggest players in the real estate auction business, more amazing deals could flood the market in the very near future.

Here’s a snip:

“The foreclosures are going to explode again.”

Why?

Mr. Webb points to moratoriums that have or are about to expire on foreclosures, which were put in place months ago by major lending institutions and banks to minimize defaults and stabilize the market.

However, this well-intentioned move may have just delayed the inevitable and, as the report suggests, an “avalanche of new repossessions” could be on the horizon.

So keep your eyes peeled in the coming days and months for your winning real estate ticket on Foreclosure.com. Or just use our FREE foreclosure email alerts and we’ll keep our eyes peeled for you.

To check out upcoming real estate auctions from Hudson & Marshall in your area click here.

Late 2010, according to the Mortgage Bankers Association (MBA), which serves as the national association that represents the real estate finance industry.

Jay Brinkmann, MBA’s the chief economist, recently shared the prediction during the group’s annual conference in San Diego, California.

Here’s a snip via Bloomberg.com:

“Foreclosure rates will continue to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2 percent in the second quarter…. ‘This recession is like a hurricane: You’ve survived the storm and you have a big mess afterwards,’ [said Brinkmann]. The effects of the recession, which he said probably ended in July, will linger for ’some time’ in the form of higher unemployment, fewer mortgage originations and lower business development, he said.”

The good news is that there appears to be light at the end of the tunnel.

In addition, it serves as yet another reminder that the “for sale” foreclosure inventory will soon begin to wane as fewer homeowners fall into distress and more buyers flood the market to capitalize on great deals.

Remember, foreclosures are often the first stop for smart house hunters and investors because of their value — you can typically get way more house and pay much less for it the closing table.

Start your search on Foreclosure.com today right here. It’s FREE for seven days. We also provide FREE email alerts, which keep you constantly on top of the best deals that pop up in your area … and you don’t even have to lift a finger. Click here.

Mortgage lending giants Fannie Mae and Freddie Mac are offering special programs to spark home sales nationwide, according to the New York Times.

And according to Brad Geisen, Foreclosure.com founder, president and CEO, big banks might not be far behind:

“We’re starting to see banks loosen up on financing and consider a number of different incentive programs to move their inventory. I know a number of banks who are getting ready to release programs like this, between now and the end of the year.”

Deep discounts on prices and insurance, as well as closing cost and home repair assistance, are several of the perks that buyers can take advantage of right now.

Remember that Fannie Mae-owned properties can be found on HomePath.com and Freddie Mac lists its homes on HomeSteps.com. Both sites are free to search and offer complete property details.

WMBF News today put together a nice punch list of things that homeowners today “need to know” before buying a foreclosure … or any other type of home for that matter.

Check it out:

1. Double-check your credit — Check your credit report immediately to be sure it does not show any incorrect information.
2. Talk to lenders — Check rates and offers from several mortgage professionals to find one you with whom you want to work.
3. Home prices are still low — Now is an excellent time for a home investment.
4. Interest rates are still good — Mortgage interest rates have dropped again to about 5 percent annually.
5. You must have savings — A down payment is essential today.
6. Know all costs of ownership — A rule of thumb is to budget 1 percent of the home’s purchase price per year for upkeep.
7. Buyer beware — Invest in a home inspection before agreeing to purchase any home.

Foreclosure.com currently features more than 2 million distressed real estate listings in its nationwide database, including preforeclosures, foreclosures, Sheriff sales, bankruptcies, tax liens, auctions and much more. In short, we have a house for everyone … at the most affordable price.

So use the tips above, search our Web site for the best deals in your area and live your own American dream while the conditions are in your favor. Opportunities like this don’t come around very often.

To search for homes and other cheap real estate deals — often up to 50 percent off — right now click here.

On Foreclosure.com, of course. Paul Owers from the Sun Sentinel explains:

“… there are many bank-owned properties here in Florida. Banks often offer reduced or no closing costs when these homes are purchased. All lenders are motivated to unload their inventories, so there are deals to be had out there. As far as financing, rates are still at historic lows and Federal Housing Administration loans allow for as little as 3.5 percent for down payments. You can contact different banks or check out websites such as Foreclosure.com.”

To search foreclosed homes in Florida, as well as preforeclosures, Sheriff Sales, short sales, bankruptcies and other distressed real estate for great discounts, click here. It’s free for seven days — more than enough time to find your perfect retirement/vacation home at an affordable price.