NEW YORK (CNNMoney.com) — May home prices dropped a record 15.8% from a year ago, according to the S&P/Case-Shiller Home Price Index of 20 cities. It was the 22nd consecutive month of decline recorded by the index. Prices fell 0.9% from April to May.

Each of the 20 metro areas covered by the index posted annual declines; nine posted record lows and 10 cities recorded double-digit drops.

The Case-Shiller 10-city Index posted a year over year decline of 16.9%, and a 1% month over month dip. Both the 10-City Composite Index and the 20-City Composite Index are reporting record annual declines.

To find out which properties are going up for auction, you should read the local legal newspaper in which these auctions are advertised. Alternatively, most counties maintain a service that picks up such notices and mails you a list of them. Sometimes, however, this service tends to be expensive.

Finding out about the sales is therefore relatively easy, but locating the property to be sold can be difficult because only legal descriptions are provided which do not include a street address. It helps to have a friend in a title insurance company who can supply you with usable addresses from legal descriptions.

It’s what people always think of when foreclosures are mentioned. The auctioneer, the gavel, the bidders, and the frenzy of pushing up the price. It’s usually not as dramatic as that, but there’s no question that auctions are the glamour area of foreclosures. It’s here that properties go to the highest bidder. It’s also here that some of the best buys can be obtained.

You can see a condo worth $225,000 go for $117,000 and a house worth $335,000 go for $200,000. There’s no question that the bargains are here.

A Private Headache
There are many individuals who become involved in real estate repossessions unexpectedly and in an unwanted fashion. For example, Fred took back a second mortgage for $10,000 on his house 3 years ago. He thought he was through with the property.

But when it came time for the buyer to pay off the balloon on the second, the person defaulted. Fred was forced to start foreclosure proceedings and take back the property. Now Fred has a real headache.