Even with the current mortgage crisis, local families can still make the dream of owning their own home a reality this weekend when hundreds of local homes go up for auction this weekend.

Over 450 homes will go up for auction in the District at highly discounted prices.

ABC 7/NewsChannel 8 reporter Sam Ford found a townhouse on Rhode Island Drive, which was once valued at $575,000, set to go on the auction block this weekend for a starting bid of $169,000.

Janice Young and her daughter, Ricky, say that sounds good. "We thought we might go and take a look and see; maybe get a bargain,"  Young said.

That is exactly what Brian Rouse is hoping for. The Rouses Asburn, Va. dream house, once listed for $750,000, will have a starting bid of $280,000 this weekend. "Every now and then you get lucky," Brian Rouse said. "You end up having that nice house you always wanted but you weren't able to actually afford." 

» see the homes

 

But the auctions are very popular and the process is easy to get caught up in. "We had three open houses on this property and had almost 200 people through," said Lisa Jalufka, a realtor.

The Rouses say they have their financing together, and now just need to keep their head straight. "We've been pre-approved for a mortgage so we're going to try not to get caught up in the auction frenzy."

The inventory includes houses, townhomes, row houses and condos in D.C., Maryland and Virginia. The auction will be held at the Walter E. Washington Convention Center in D.C. Saturday and Sunday, beginning at 9:30 a.m. Some homes have opening bids as low as $1,000.