The Bright Side of Foreclosures?

The San Diego Union Tribune ran an interesting article today, illuminating the "bright" side of foreclosures, ie, that distress sales and dropping prices are allowing lower income families to get into the housing market.

“When was the last time we put thousands of affordable housing units on the market?” asked Gabe del Rio of Community HousingWorks. “We are talking about homes you bought for $450,000 last year that now are being sold for about $300,000. . . . It makes a big difference.”

Let's just hope that someone explains to these folks what an ARM means...