Fannie Mae announced that it will cover the closing costs on purchases of its foreclosed properties. This means that buyers will receive 3.5% of the final purchase price. The money can be used towards closing costs or for new appliances.
Escrow or closing deadline is May 1, 2010.
Another incentive offered is to only require [...]

(Excerpt: www.assessor.lacounty.gov)
Decline-in-Value – What is it?
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.
Eligibility Requirements
You [...]