Low-priced foreclosures incite bidding wars

"Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It's already happened at least 15 times.

This wasn't how it was supposed to be in a depressed housing market like Phoenix. Buyers are supposed to be able to walk in, and get pretty much whatever they want. Now, the Thorsons have taken up a tactic not seen since the heydays of the housing bubble - they are making offers on homes before they've seen them, as many as three per day.

'It's frustrating because we've jumped through all the hoops and there still isn't a reward,' Kelli Thorson said."

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Low-priced foreclosures incite bidding wars