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If you are mobile then this is a good time to "move to your dream location". Housing prices are depressed everywhere, and some areas will recover faster than others. I think this is at or near bottom with probably another year of uncertainty, where prices may decline more but not at the rate they have been for the past two years. There are still a bunch of ARMs that will time out, but the good thing is that if people haven't already fallen, they will see their rates adjust DOWN not UP. Their problem will be the temptation to refinance when the ARM expires, and the property value may not make that work if the property won't appraise. That is why I think another round of foreclosures will occur when the economy starts to recover.
(I'm a broker and think of this stuff alot.)
Meanwhile, if you like the west and are looking for good property values, Vegas is probably your best bet. Lots of very nice properties for rock bottom prices. People bought at the highest market in 20 years there and there are lots on the market. Phoenix area is in the same place. Colorado is too.
Good Luck!
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