This home is bank-owned. Often, once a foreclosure is put on the market, the bank has a set procedure they follow on pricing. If it doesn't sell in a particular amount of time, they'll reduce it. In this instance it appears once an initial listing period passed, they reduce it by $5,000 every couple of weeks until they get an offer. Shortly after the last reduction to $59,900 they did get an offer and the home is currently under contract.