Many will tell you with the market down that now is a perfect time to buy real estate, and if you are smart you will pick up a foreclosure or two and hold onto it until the market goes up, which they will tell you will be any day now. First, this is just non-sense and sales talk. Second, I hope you recall that these folks are the same people who told you to buy homes at the top of the market because; "This one won't last long!" We have all heard that dance and song.

One market in particular and I am not picking on it specifically, except I just had a chance recently to look at some data; was in Duchess County and Poughkeepsie, NY. I was busy perusing the foreclosure listing and the chart of home prices and this trend is getting read to gap down again, big time. So, you should wait to be any home until it gaps down another 20-30%, because if you think the prices are low now, you just wait.

Just because you are looking at a foreclosure over a regular purchase makes no difference unless you are getting it for another 45% less. Because at the bottom of the market, let's say mid 2008, at maybe 30%, that is the regular price and if you really want a good deal, just wait until then if you are buying a Foreclosure in Duchess County or Poughkeepsie, NY and then low-ball at 15% under that.

Now there will be people selling homes, foreclosures or short sales who will tell you other wise. But remember they are trying to "Sell You Something" and you need to ask, what's best for you. This real estate market has already hurt enough people, do not let it steal more money from you. If you are in Duchess County or Poughkeepsie, NY and you are looking for foreclosures, its time you walk away and live to buy another day. Seriously, be careful and be wise out there, don't get burned.

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