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If you're cool with rehabbing, the best time to buy is after the foreclosures. I saved a buddy $200k in 2007; got his ass out three months before the collapse. His former development is a ghost town now. There are people predicting the imminent collapse of the market and apocalyptic corrections but I think it's safer to say we're looking at a mild bear market which, if nothing else, will slow the "moon rocket" towards its apex. The longer you wait, the more downpayment you have, the less PMI, the better your financing, etc etc etc.