DALLAS - More than 500 bargain hunters hit the Dallas Convention Center Saturday to bid on the American Dream that has ended up in foreclosure.

The misfortune of others is now an opportunity for those trying to buy into the housing market.

In this tough housing market, more first-time home buyers are attending these auctions, to see if they can get their dream home for less.

Today, two families gave the auction a shot and walked out of the convention center saving thousands of dollars.

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This intense, fast-paced event at the Dallas Convention Center featured more than 200 foreclosures in North Texas.

This intense, fast-paced event at the Dallas Convention Center featured more than 200 foreclosures in North Texas, an opportunity that's now drawing more than just investors.

It was an overwhelming experience for the rookies.

More first-time home buyers are heading to auctions during this housing crisis, trying to find a bargain.

Christy Bond and her soon to be father-in-law came looking to score a deal on a foreclosure in Rockwall valued at $149,000.

"It went around once, the property that we were bidding on and it went higher than what we were willing to pay for it, so we waited and waited," she said.

The first contract fell apart so they got another shot to bid on the home. They got it and saved nearly $20,000.

"We decided let's make a gamble and go to the auction and it turned out to be a good decision," she said.

Banks and lenders are turning to auctions to get rid of their foreclosure inventory - an inventory that's growing because of the mortgage meltdown.

For one immigrant family, their dream of homeownership has finally come true.

They will soon call a house in Corsicana home.

"We have a big family and most of us don't fit, most of the time," said Isabel Cruz.

E-mail mdiaz@wfaa.com.